BOARD OF DIRECTORS ANNUAL MEETING Wednesday May 22, … · 1. BOARD OF DIRECTORS ANNUAL MEETING...

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BOARD OF DIRECTORS ANNUAL MEETING Wednesday May 22, 2019 – 9:00 a.m.

Thursday May 23, 2019 – 9:00 a.m.

CJPRMA 3201 Doolan Road, Suite 285

Livermore, CA 94551 (925) 837-0667

ITINERARY

DAY 1: WEDNESDAY MAY 22, 2019 8:00 - 9:00 ♦ Hot Breakfast Buffet 9:00 - 10:30 ♦ Keynote: Influence without Authority: Getting a Seat at the Table David Rabiner, CSP, Rabiner Resources, Inc. 10:30 - 10:45 ♦ Break 10:45 - 12:00 ♦ Board Meeting 12:00 - 12:45 ♦ Lunch (Moroccan Pita Bar) 12:45 - 1:45 ♦ Board Meeting (continued) 1:45 - 2:00 ♦ Break 2:00 - 4:30 ♦ Board Member Training: “How to Collaborate with CJPRMA, Your Legal team and

Your Departments to Successfully Resolve Litigation.” Greg Fox, Founding Senior Partner, Bertrand, Fox, Elliot, Osman & Wenzel 4:30 - 5:30 ♦ Hotel Check-In 5:30 - 6:00 ♦ Board Bus at Hotel for Murietta’s Well 6:00 - 7:00 ♦ Hors d’oeuvres and Networking (Murietta’s Well) 7:00 - 9:00 ♦ Dinner and Dessert (Murietta’s Well) 9:00 ♦ Board Bus to Hotel

2


Thursday May 23, 2019 – 9:00 a.m.


Livermore, CA 94551 (925) 837-0667

ITINERARY

DAY 2: THURSDAY MAY 23, 2019

6:30 - 8:30 ♦ Complimentary full hot Breakfast buffet at hotel before coming to meeting. Check out of hotel.

9:00 - 10:00 ♦ Board Member Training – Deadly Weapon Harry Rhulen, CEO and Co-Founder, CrisisRisk Strategies, LLC 10:00 - 11:00 ♦ Board Member Training – Media Relations Laura Cole, President & Co-Founder, Cole Pro Media 11:00 - 11:15 ♦ Break 11:15 - 12:30 ♦ Board Meeting 12:30 - 1:15 ♦ Lunch (BBQ) 1:15 - 3:15 ♦ Board Meeting (continued) 3:15 - 3:30 ♦ Break 3:30 - 5:00 ♦ Board Meeting (conclusion)

Per Government Code section 54954.2, persons requesting disability-related modifications or accommodations, including auxiliary aids or services in order to participate in the meeting, are requested to contact CJPRMA at (925) 837-0667 24 hours in advance of the meeting.

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CALIFORNIA JOINT POWERS RISK MANAGEMENT AUTHORITY


Thursday May 23, 2019 – 9:00 a.m.


Livermore, CA 94551 (925) 837-0667

AGENDA

I. CALL TO ORDER

II. ROLL CALL

III. CLOSED SESSION

1. Government Code Section 54956.9 (a) Conference with Legal Counsel – Litigation

Name of Case: L.M. minor by Ashley McCain, Estate of Steven Motley, Carol Adams vs. City of Redding, Chief Robert F. Paoletti

Court: United States District Court, Eastern District of California Case No.: 2:14-cv-00767-MCE-AC


Name of Case: Pimentel et al. vs. City of Stockton Court: United States District Court, Eastern District of California Case No.: 2:17-CV-00931-WBS-AC


Name of Case: Robert Shelton, Cheyenne Shelton, & Steven Bryan vs. Patrick Medina and City of Stockton

Court: State of California Superior Court, County of San Joaquin Case No.: STK-CV-UAT-2016-0012119


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IV. ACTION ON CLOSED SESSION ITEMS

V. PRESENTATIONS

• None

VI. THIS TIME IS RESERVED FOR MEMBERS OF THE PUBLIC TO ADDRESS THE BOARD OF DIRECTORS ON MATTERS OF BOARD BUSINESS. STATE LAW PROHIBITS ACTION BY THE BOARD ON NON-AGENDA ITEMS.

VII. COMMUNICATIONS

A. Board Members B. General Manager/Secretary C. Next Scheduled Meetings: Executive Committee (06/20/2019) Richmond

Board of Directors (08/15/2019) CJPRMA

VIII. APPROVAL OF MINUTES

• Minutes the Board of Directors meeting held on March 21, 2019. (Pages 6 -12)

IX. CONSENT CALENDAR

1. Additional Covered Party Certificates Approved by the General Manager (A) (Pages 13 - 17)

2. Financial Report of CJPRMA as of January 31, 2019 (A) (Pages 18 - 35)

3. 2017-2019 Strategic Planning (I) (Pages 36 - 45)

4. Status Update on General Manager’s Goals & Objectives (I) (Pages 46 - 51)

5. Settlement of Claims Discussed in Closed Session (I) (Page 52)

X. ACTION (A) AND INFORMATION (I) CALENDAR

6. Report from the Investment Manager (I) (Pages 53 - 143)

7. Approval of Proposed Administrative and Direct Program Budget for Fiscal Year 2019-2020 (A) (Pages 144 - 156)

8. Approval of Liability and Auto Physical Damage Renewal for Program Year 2019-2020 (A) (Pages 157 – 158)

9. Approval of the Revised PY 2019-2020 Liability Premium Funding (A) (Pages 159 – 161)


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10. Approval of Property Renewal for Program Year 2019-2020 (A) (Pages 162 – 163)

11. Approval of the Property Program Deductible Buy-Down (A) (Page 164)

12. Approval of Changes to the CJPRMA Property Program Memorandum of Coverage (A) (Pages 165 – 244)

13. Approval of Proposed Amendments to the CJPRMA Bylaws Article III, Directors & Officers, and Article IV, Executive Committee (A) (Pages 245 - 275)

14. Claims Experience Report (I) (Page 276)

15. New Board Directors/Alternates (I) (Pages 277 - 279)

16. Business Calendar for 2019 and 2020 (I) (Pages 280 - 284)

17. Approval of Meeting Calendar for 2020 (A) (Pages 285 - 286)

18. Approval of Holiday Calendar for 2020 (A) (Pages 287 - 288)

19. Risk Management Issues (I) (Pages 289 - 297)

XI. ADJOURNMENT

Per Government Code section 54954.2, persons requesting disability‐related modifications or accommodations, including auxiliary aids or services in order to participate in the meeting, are requested to contact CJPRMA at (925) 837‐0667 24 hours in advance of the meeting.

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BOARD OF DIRECTORS MEETING Thursday March 21, 2019 – 9:00 a.m.

CJPRMA Office

3201 Doolan Road, Suite 285 Livermore, CA 94551

(925) 837‐0667

MINUTES I. CALL TO ORDER

President Greer called the meeting to order at 9:06 a.m. on March 21, 2019.

II. ROLL CALL

PRESENT

OTHERS PRESENT 22) Tony Giles, CJPRMA 32) A. Byrne Conley, Gibbons & Conley 23) Lola Deem, CJPRMA 33) P.J. Skarlanic, Alliant Insurance Services 24) Marinda Griese, CJPRMA 34) Dr. William Deeb, AON Risk Services 25) Saima Kumar, CJPRMA 35) Kyle Powell, AON Risk Services 26) Marcia Hart, CJPRMA 36) Bill Dennehy, Chandler Asset Management 27) Susanna Banuelos, CJPRMA 37) Dana Suntag, Herum\Crabtree\Suntag 28) Michael Roush, Alameda 38) Joshua Stevens, Herum\Crabtree\Suntag 29) Peter Pierce, Fairfield 39) Laura Marquez, Richmond 30) Jas Sidhu, Livermore 40) Andria Borba, Vacaville 31) Amanda Tonks, Santa Rosa 41) Theresa Roland, Stockton

1) Lucretia Akil, Alameda 11) Kim Greer, Richmond

2) Jamie Cannon, Chico 12) David Rawe, Roseville 3) Chris Carmona, Fairfield 13) Liz Ehrenstrom, NCCSIF 4) Steve Schwarz, Fremont 14) Lauren Monson, San Rafael 5) Janet Hamilton, Livermore 15) Mary Ann Perini, San Leandro 6) Janice Magdich, Lodi 16) Dominique Kurihara, Santa Rosa 7) Dan Sodergren, LPFD 17) Roger Carroll, SCORE 8) Cecilia Quiambao, Petaluma 18) Gail Kiyomura, Stockton 9) Lynette Frediani, Redding 19) Scott Mann, Sunnyvale 10) Amy Northam, REMIF 20) GeorgeAnne Meggers‐Smith, Vacaville 21) David Due, YCPARMIA


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III. CLOSED SESSION


Name of Case: Keimach, Jill vs. City of Alameda Court: State of California Superior Court, County of Alameda Case No.: N/A


Name of Case: Febe Tabotabo; Andre Tabotabo; Titus Tabatabo II; Natividad Tabotabo vs. City of Stockton; Nestor Velasquez; John Strawder, and Does 1 – 100

Court: State of California Superior Court, County of San Joaquin Case No.: STK‐CV‐UAT‐2018‐3998


Name of Case: Jill Schoonmaker vs. City of Eureka and Does 1 – 10 Court: United States District Court, Northern District of California Case No.: 3:17‐cv‐6749


Name of Case: Robert Shelton, Cheyenne Shelton, & Steven Bryan vs. Patrick Medina and City of Stockton

Court: State of California Superior Court, County of San Joaquin Case No.: STK‐CV‐UAT‐2016‐0012119

IV. ACTION ON CLOSED SESSION ITEMS

The Board of Directors conferred with staff regarding litigated claims and provided direction. V. PRESENTATIONS

None

VI. THIS TIME IS RESERVED FOR MEMBERS OF THE PUBLIC TO ADDRESS THE BOARD OF DIRECTORS ON MATTERS OF BOARD BUSINESS. STATE LAW PROHIBITS ACTION BY THE BOARD ON NON‐AGENDA ITEMS.


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VII. COMMUNICATIONS

A. Board Members B. General Manager/Secretary C. Next Scheduled Meetings: Executive Committee (04/18/2019) Redding

Annual Board of Directors (05/22 & 23/2019) CJPRMA

VIII. APPROVAL OF MINUTES

A motion was made by Director Akil and seconded by Director Carmona to approve the minutes of three Board of Directors meeting held on 1) November 15, 2018, 2) Special telephonic meeting held on December 10, 2018, and 3) Special Telephonic meeting held on February 7, 2019. Directors Cannon, Schwarz, Hamilton, Sodergren, Frediani, Greer, Northam, Quiambao, Rawe Ehrenstrom, Monson, Perini, Kurihara, Carroll, Kiyomura, Mann, Meggers‐Smith, and Due approved the motion. Lodi abstained from voting. Motion passed.

IX. CONSENT CALENDAR

1. Additional Covered Party Certificates Approved by the General Manager (A)

2. Financial Report of CJPRMA as of October 31, 2018 (A)

3. 2017‐2019 Strategic Planning (I)

4. Status Update on General Manager’s Goals & Objectives (I)

5. Settlement of Claims Discussed in Closed Session (I)

A motion was made by Director Northam and seconded by Director Carroll to approve the consent calendar. Directors Akil, Cannon, Schwarz, Carmona, Hamilton, Magdich, Sodergren, Ehrenstrom, Quiambao, Frediani, Greer, Monson, Rawe, Perini, Kurihara, Kiyomura, Mann, Meggers‐Smith and Due approved the motion. Motion passed.

X. ACTION (A) AND INFORMATION (I) CALENDAR

6. Report from the Investment Manager (I)

Bill Dennehy, of Chandler Asset Management was present to discuss the portfolio and our investment strategy.

Pool investments are managed by Chandler Asset Management. The assets are held in CJPRMA’s bank custody account managed by the Bank of New York.

The investment program is divided into three parts: The Loss Payment Account, the Long Term Growth Account and the Long Term Growth/Tactical Account.

The Loss Payment Account is utilized to provide funds for operating expenses and the payment of losses. The Loss Payment Account invests in high grade securities with a maximum


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maturity of five years. As of February 28, 2019 the Loss Payment Account was valued at $8,190,438. This was a decrease of $1,929,184 from its valuation of $10,119,622 on November 30, 2018. Several securities were purchased in the Treasury, Agency, Asset Backed and Commercial Paper sectors of the market to keep the portfolio fully invested. The purchased securities range in maturity from June 2019 to January 2022. One security was sold and several matured to facilitate the new holdings in the portfolio. Additionally, $2 million was withdrawn during the reporting period reducing the LAIF balance in the allocation. The Loss Payment Account has sufficient funds to meet the expenditure requirements of the next six months.

Both Long Term Growth Accounts are utilized to provide long term asset growth in order to offset inflation. The maturity range of these investments is a maximum of ten years.

As of February 28, 2019 the Long Term Growth Account / Tactical was valued at $17,239,248. This was an increase of $279,585 from its valuation of $16,959,663 on November 30, 2018. The portfolio purchased several securities during the quarter in the Treasury, Agency, Asset Backed and Corporate sectors of the market. The majority of the purchases have maturity dates in 2023 with the exception of the Asset Backed security which has a shorter maturity profile. Several securities were sold to facilitate the new holdings in the portfolio.

As of February 28, 2019, the Long Term Growth Account was valued at $39,228,437. This was an increase of $1,076,166 from its valuation of $38,152,271 on November 30, 2018. Transactional activity in the portfolio was light in the reporting period. The structure of the portfolio remains in line with Chandler targets and the only purchase made was to adjust the overall duration of the strategy via an extension transaction in the Treasury sector.

The investments in all accounts comply with CJPRMA’s investment policy.

No action was required. This is an information only item.

7. Liability and Auto Physical Damage Renewal Strategy Plan for Program Year 2019‐2020 (I)

Aon Risk Services and CJPRMA Staff have met and created a renewal strategy for the 2019‐2020 coverage programs. Dr. William Deeb of Aon Risk Services was present to update the Board of Directors on the renewal process, condition of the market, and recommendations on the overall strategy for renewal. The renewal strategy includes the timing of delivery of data to underwriters and a set of expectations for receiving quotations. The goal for the renewal strategy is to provide the Board of Directors with a complete renewal plan for approval at the May 2019 Meeting.

CJPRMA members provided updated underwriting data for Aon to use in marketing the programs. Having current and accurate data helps the carriers to better understand our risk, and it helps our broker better negotiate favorable terms. Staff and Aon will continue to work on the data collection format for the liability program in order to make it easier to use for members.



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8. Property Renewal Strategy Plan for Program year 2019‐2020 (I)

The general manager discussed the 2019‐2020 Property Program renewal process. He explained that CJPRMA’s property program currently utilizes domestic carriers for approximately 25% of the primary $25,000,000 in limits and the remaining 75% is placed in the Lloyd’s of London marketplace. The 2019‐2020 program is anticipated to maintain a similar ratio of domestic placements to London market placements. Coverage in excess of the primary layer is provided by the (Alliant Property Insurance Program (APIP) structure.

Alliant Insurance Services and CJPRMA Staff created a renewal strategy for the 2019‐2020 Property Program renewal. Mr. Robert Lowe and the general manager recently met with the Lloyd’s underwriters currently participating in the program. The general manager introduced himself to the underwriters and explained CJPRMA’s commitment to risk management activities. The general manager, the brokers and the underwriters spent a considerable amount of time discussing California wildfires and their impact on the global property insurance market. While the topic was not directly addressed by most of the underwriters, there is a sense that a higher separate deductible for wildfire could be proposed by the market.

The London marketplace is under pressure to achieve profitability, and Lloyd’s has also limited the amount of new business that most syndicates are authorized to write. The underwriters are being pushed toward quality, and the meetings with the underwriters have taken on renewed importance. The underwriter’s value long‐term stable relationships, and the messaging from CJPRMA was that we also want to create and maintain such relationships.

While in London, staff also attended a presentation on Beazley’s Deadly Weapon (formerly Active Shooter) Programs. Staff has invited Beazley to attend the Board of Directors annual meeting that will describe the risk and the coverage.

The 2019‐2020 renewal strategy includes the timing of delivery of data to the underwriters and a set of expectations for receiving quotations. The goal for the renewal strategy is to provide the Board of Directors with a complete renewal plan for approval at the May Board of Directors meeting. Program participants were asked to provide updates schedules of value by March 14, 2019. Mr. P.J. Skarlanic, Vice President of Alliant Insurance Services presented an update on the renewal process and an update of the status of the insurance marketplace.

Prior to moving the Property Program to Alliant, the program was governed by a Memorandum of Coverage (MOC) that was reinsured following form to the MOC. With the move to Alliant, the coverage form for the Property Program has been the Alliant APIP form. There have been some challenges in aligning the MOC with APIP. The APIP form is very broad, and it is a large form. In trying to mirror the APIP form, there have been instances in which the MOC and the APIP form have been in conflict. This has created confusion for program participants and confusion when we need to provide coverage information to third parties (e.g. CalOES or FEMA).


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The general manager will request action from the program participants at the annual meeting to address these conflicts. Rather than try to align the MOC with APIP and create confusion as to coverage, the recommendation will be to adopt the APIP form as the controlling document for the program and eliminating the MOC. If there are any specific differences from APIP that program participants would like to include, those can be addressed via endorsements to APIP or through a greatly reduced MOC that covers only those differences.


9. Proposed Amendments to the CJPRMA Bylaws Article III, Directors & Officers, and Article IV, Executive Committee (I)

The general manager recommended that he would like to propose a change to the CJPRMA Bylaws at the annual meeting to the Board of Directors. This would also serve as thirty day written notice of proposed amendments. Article XV of the CJPRMA Bylaws states the process for amending the Bylaws:

“These Bylaws may be amended by a majority vote of the entire Board provided that any amendment is compatible with the purposes of the Authority, is not in conflict with the JPA Agreement, and has been submitted to the Board at least thirty (30) days in advance.”

It was explained that in 2017, the Board of Directors approved an amendment to the Bylaws reducing the annual number of board meetings from five to four. Since then, the Board has not held a June meeting. The current Bylaws call for Officer and Executive Committee elections to be held during the June meeting. The proposed amendment changes that to the August meeting. This is consistent with Board practice since 2017.


10. New Board Members/Alternates (I)

Notifications regarding a change in director/alternate designations that have been received as of the last meeting are indicated herein:

1) Fairfield Director Chris Carmona – Risk Manager

2) Alameda Alternate Michael Roush – Interim City Attorney

3) YCPARMIA Alternate David Due – Staff Investigator II

4) Petaluma Alternate Peggy Flynn – City Manager



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11. Business Calendar for 2019 (I)

The 2019 business calendar was provided to the Board as a standing agenda item. The calendar provides key business items and the required dates for completion for the Board.

No action was required. This was an information only item.

12. Risk Management Issues (I)

The Directors discussed the following risk management issues:

1) PTSD Issues in Fire Departments – Gail Kiyomura, Stockton

2) ADA coordinators and ADA training: suggestions for good resources to train staff on appropriate ways to interact with disabled public, as well as types of services available – Lauren Monson, San Rafael

3) Mandatory Settlement Authority through video – Cecilia Quiambao, Petaluma

No action was required. This was an information only item.

XI. ADJOURNMENT

The meeting was adjourned at 1:20 p.m.

Back to Agenda


AGENDA BILL

ITEM: 1 TITLE: ADDITIONAL COVERED PARTY CERTIFICATES APPROVED BY THE GENERAL MANAGER

MEETING: 05/22 & 23/2019

GENERAL MANAGER:

Recommended Actions:

Approval of the additional covered party certificates that have been issued by the general manager.

Strategic Direction:

This item addresses Strategic Goal 4, Actively Market the Value of CJPRMA Both Externally and Internally. Item Explanation:

Attached is Exhibit 1, which is a list of the 38 additional covered party certificates that have been approved by the general manager and issued since the last board meeting.

Fiscal Impact:

None

Exhibits:

1. Report of Additional Covered Party Certificates Approved by the General Manager

Certificate of Coverage Report Date Board Notice: May 22, 2019

Organization: Ascending order

Organization Member Additional Covered Party Amount of Coverage Requested

Activity Start Date

Activity End Date

Description

Alameda Alameda Sacramento Municipal Utility District ("SMUD"). 2,000,000.00 Jun 17, 2019

Jun 28, 2019

Climbing Training for Alameda Municipal Power, City of Alameda employees by Sacramento Power Academy.

Chico Chico "That the State of California, the District Agricultural Association, County Fair, the County in which the fair is located, Lessor/Sublessor if fair site is leased/subleased, Citrus Fruit Fair, California Exposition and State Fair, of Entities (public or non-profit) operating California designated agricultural fairs, their directors, officers, agents servants, and employees are made additional insured, but only insofar as the operations under this contract are concerned."

1,000,000.00 May 21, 2019

May 28, 2019

Informational booth rental, Educational Storm Water.

County of Yolo

YCPARMIA Davis Chamber of Commerce, its officers, directors, employees and volunteers (collectively DCOC).

1,000,000.00 May 16, 2019

May 16, 2019

Participation in 'Celebrate Davis' at 1405 "F" Street, Davis, CA.

County of Yolo

YCPARMIA State of California, California Exposition & State Fair, its agents, officers, directors, employees and servants.

1,000,000.00 Jun 14, 2019

Aug 4, 2019

Exhibit at the 2019 California State Fair (July 21-28, 2019)

Dixon NCCSIF "That the State of California, the 36th District Agricultural Association, County Fair, Citrus Fruit Fair, and California Exposition and State Fair or Entities (public or non-profit) operating California designated agricultural fairs, their directors, officers, agents, servants, and employees are made additional insured, but only insofar as the operations under this contract are concerned."

1,000,000.00 May 7, 2019

May 13, 2019

Rental Agreement Contract # CI-19-340 with Dixon Police Department for Booth at the Dixon May Fair.

Esparto Unified School District

YCPARMIA River City Baseball Investment Group, LLC ; Sacramento River Cats Baseball Club, LLC; River Stadium Management, LLC; River City Parking, LLC; River City Freeze, LLC; River City Concessions, LLC; River City Land Holding Company, LLC; City of West Sacramento, its officers, officials, employees and volunteers; County of Sacramento; County of Yolo; River City Regional Stadium Financing Authority; BNY

2,000,000.00 Mar 19, 2019

Mar 19, 2019

Use of Raley Field for High School Varsity Baseball Game

Eureka REMIF Eureka City Schools, its officials, agents and employees.

1,000,000.00 Apr 30, 2019

Apr 30, 2019

Community meeting for future park improvements, outreach meeting at Lincoln School Cafeteria.

Eureka REMIF Pacific View Charter School 1,000,000.00 Apr 11, 2019

Apr 11, 2019

Facility Rental Agreement for community meeting for public re: improvements to park

Folsom NCCSIF "State of California and U.S. Bureau of Reclamation, their officers, employees, and servants, are included as additional covered party but only insofar as operations under this contract or permit are concerned."

1,000,000.00 May 5, 2019

May 5, 2019

City of Folsom's Police Department Peace Officers Memorial Ride event.

Folsom NCCSIF Broadstone Land LLC/Palladio at Broadstone and TRI Property Management Services, Inc., and subsidiary or affiliate.

1,500,000.00 May 11, 2019

May 11, 2019

Love My Mom 5K event.

Folsom NCCSIF Folsom Cordova Unified School District 1,000,000.00 Mar Mar City of Folsom Zoo

May 15, 2019 - 1 - 11:24:37 AM




Activity Start Date

Activity End Date

Description

28, 2019

28, 2019

Outreach Program at Russell Ranch Elementary

Fortuna REMIF Town of Scotia Company, LLC, its officers, officials, employees and volunteers

1,000,000.00 Mar 15, 2019

Apr 30, 2019

Fortuna using boom mower to clear underbrush located on Town of Scotia property.

Fremont Fremont Alameda County, *its Board of Supervisors, officers, agents and employees.

1,000,000.00 Feb 10, 2019

Feb 10, 2022

Various meetings and training activities to be performed at Alameda County Sheriff's training facility.

Lakeport REMIF County of Lake, its officers, officials, employees, agents and volunteers.

1,000,000.00 Dec 19, 2018

Jun 30, 2019

Agreement between County of Lake and City of Lakeport for public safety dispatch services. (202554.5)

Livermore Livermore PacificGasandElectricCompanyc/o EXIGIS LLC

2,000,000.00 May 7, 2019

Jun 30, 2030

Generating Facility Interconnection Agreement for Non- Export Generating Facilities, Generating Facility Identification Number: 60O242236, Producer's electric service agreement ID number 4722231834

Livermore Livermore Pape Material Handling 1,000,000.00 Mar 25, 2019

Apr 2, 2019

Rental of vehicle (1 OT/T2-30, Equip # R 578) for use by Water Resources Division while City vehicle is being repaired. (Contract Number 7200373 S/N: 345661

Loomis SCORE Placer Union High School District and it's officers, agents, and employees.

1,000,000.00 May 4, 2019

May 4, 2019

Town of Loomis Spring Clean Up Day 5-4-19, Upper parking lot of Del Oro High School

Oroville NCCSIF American River Bank (the assignee of Holman Capital Corporation)

10,000,000.00 Apr 3, 2019

Apr 3, 2033

Lease-purchase agreement dated April 3, 2019 between the City of Oroville and Holman Capital Corporation for Solar and Energy Project.

Oroville NCCSIF Monday Club Foundation. 1,000,000.00 Apr 10, 2019

Apr 10, 2019

City of Oroville Docents Awards Luncheon.

Petaluma Petaluma Mr. Paul Foley, "131 Liberty Street LLC" 1,000,000.00 Apr 22, 2019

Jul 8, 2019

Fire Department Training.

Richmond Richmond Community Housing Development Corporation (CHDC), elective and appointed officials, other officers and directors, limited and general partners, and employees.

2,000,000.00 Mar 1, 2019

Jun 30, 2019

After school/homework activities.

Richmond Richmond State of California, its officers, agents, employees, and servants.

1,000,000.00 Oct 23, 2017

Jun 30, 2019

Develop strategies to reduce carbon emissions, improve air quality, & build

May 15, 2019 - 2 - 11:24:37 AM




Activity Start Date

Activity End Date

Description

resiliency in the face of changing climate with a focus on low-income and disadvantaged communities. Transformative Climate Communities Program Planning Grant No. 3018-706.

Richmond Richmond West Contra Costa Unified School District and the State of California and their representatives, employees, trustees, officers, and volunteers.

1,000,000.00 Feb 4, 2019

Jun 30, 2019

To provide special service and advise in financial, economic, accounting, engineering, legal or administrative matters.

Rio Dell SCORE Rio Dell School District, its officials, agents and employees.

1,000,000.00 May 11, 2019

May 11, 2019

Spring Clean-up day on May 11, 2019.

San Leandro San Leandro

San Leandro Unified School District 1,000,000.00 Mar 21, 2019

Apr 4, 2019

Special Event - San Leandro Police Fitness Training at Burrell Field.

San Leandro San Leandro

San Leandro Unified School District. 1,000,000.00 May 2, 2019

May 2, 2019

San Leandro Police S.W.A.T. and Hostage Negotiation Training at San Leandro High School Music and Vocation building.

San Rafael San Rafael

BioMarin Pharmaceutical Inc. 6,000,000.00 May 2, 2019

May 2, 2019

San Rafael Police Department training on 5/2/19 from 9:30 a.m. to 11:30 a.m. at 700 Irwin Street, San Rafael.


Certificate holder, as owner, Harvest Properties, Inc., as property manager, and their respective agents, members, partners, employees, officers, directors and mortgagees.

1,000,000.00 Apr 10, 2019

Mar 11, 2020

City of San Rafael General Plan Steering Committee meetings to be held on 4/10/19, 6/12/19, 7/10/19, 8/14/19, 9/11/19, 10/9/19, 11/13/19, 12/11/19/ 1/8/20, 2/12/20, 3/11/20.


MGP XI NORTHGATE LLC and Merlone Geier Management, LLC, and their respective officers, directors, partners, shareholders, agents and employees.

1,000,000.00 Apr 1, 2019

Apr 30, 2019

Pop-up public library concept with books, both bounded and e-books, a children's corner, staff office, storage area and possibly a sales area for used book sales.


MGP XI NORTHGATE, LLC, MERLONE GEIER MANAGEMENT, LLC, their officers, directors, employees, beneficiaries and agents, and Northgate Mall.

1,000,000.00 May 1, 2019

Apr 30, 2020

Pop-up library including books, DVDs and other library materials to borrow, as well as a book drop, holds pickup and interactive technology and play spaces.

Santa Rosa Santa Rosa

Bellevue Union School District. 1,000,000.00 Jun 6, 2019

Jun 28, 2019

Use of facilities for Neighborhood Recreational Summer Camp from 6/6/19 to 6/28/19.

May 15, 2019 - 3 - 11:24:37 AM




Activity Start Date

Activity End Date

Description

Stockton Stockton The Giants Community Fund and San Francisco Baseball Associates, LLC, The Office of the Commissioner of Baseball, its Bureaus, Committees, Subcommittees and Councils, MLB Advanced Media, L.P., Major League Baseball Enterprises, Inc., Major League Baseball Properties, Inc. (doing business in its own name and as Major League Baseball Productions and Major League Baseball International), The MLB Netw

2,000,000.00 Apr 6, 2019

Dec 31, 2019

Junior Giants baseball program for boys and girls ages 5-18 years old.

Sunnyvale Sunnyvale Peninsula Corridor Joint Powers Board, San Mateo County Transit District, the Santa Clara Valley Transportation Authority, the City and County of San Francisco, TransitAmerica Services, Inc. or any successor operator of service Union Pacific Railroad Company and their respective directors, officers, employees, volunteers and agents while acting in such capacity, and their successors or assignees, as they now, or as they may hereafter be constituted, singly, jointly or severally.

5,000,000.00 May 1, 2019

Jun 30, 2020

Under License Agreement No. 800835, the City of Sunnyvale in the vicinity of MP 38.8 will install traffic signal hardware and wiring at intersection of North Sunnyvale & Hendy (the Facilities)upontheProperty.

Sunnyvale Sunnyvale The State of California, Judicial Council of California,andtheSuperiorCourtofCalifornia,County of Santa Clara, including their respective elected and appointed officials, judges, subordinate judicial officers, officers employees and agents.

1,000,000.00 May 16, 2019

May 16, 2019

License agreement for use of real property (parking lot) to support city sponsored food court operations for Employee Wellness and Employee Engagement Programs from 8:00 am to 5:00 pm on May 16, 2019.

Ukiah REMIF Ukiah Unified School District 2,000,000.00 Mar 18, 2019

Apr 18, 2019

Temporary use of UUSD property to conduct geotechnical investigation for possible design of recycled water pipeline, one bore located on southwest corner of the north Polomita field.

Valley Clean Energy Alliance JPA

YCPARMIA Davis Chamber of Commerce, its officers, directors, employees and volunteers (collectively DCOC).

1,000,000.00 May 16, 2019

May 16, 2019

Participation in 'Celebrate Davis' at 1405 F Street, Davis, CA.

Willows NCCSIF California Northern Railroad and its affiliates. 2,000,000.00 Apr 5, 2019

Jun 5, 2019

Right of Entry License Agreement with the City of Willows, Permit No. CFNR19028142.

Yuba City NCCSIF The County of Sutter and the Community Memorial Museum of Sutter County and their respective Board of Supervisors and Board of Directors, officers, trustees, agents, employees, and vounteers.

1,000,000.00 Apr 10, 2019

Apr 11, 2019

Use of Ettl Hall for staff training.

Summary 63,500,000.00

May 15, 2019 - 4 - 11:24:37 AM

Back to Agenda


AGENDA BILL

ITEM: 2 TITLE: FINANCIAL REPORT OF CJPRMA AS OF JANUARY 31, 2019

MEETING: 05/22 & 23/2019

GENERAL MANAGER:


Approval of the financial reports as of January 31, 2019


This item addresses Strategic Goal 1, Employ Customizable Products and Services to be Competitive. Item Explanation:

Attached are the financial reports as of January 31, 2019. Staff recommends that the financial reports be approved.

Fiscal Impact:

None Exhibits:

1. Financial report as of January 31, 2019.

System: 5/13/2019 8:25:28 AM California Joint Powers Page: 1User Date: 11/30/2018 VENDOR CHECK REGISTER REPORT User ID: LOLA Payables Management

Ranges: From: To: From: To: Check Number First Last Check Date 11/1/2018 11/30/2018 Vendor ID First Last Checkbook ID First Last Vendor Name First Last

Sorted By: Check Number

* Voided Checks

Check Number Vendor ID Vendor Check Name Check Date Checkbook ID Audit Trail Code Amount --------------------------------------------------------------------------------------------------------------------------------- 21438 CLOV01 DAVID CLOVIS 11/1/2018 BOA CKG PMTRX00001566 $974.46 21439 ADP01 ADP, LLC 11/8/2018 BOA CKG PMCHK00000734 $132.80 21440 ALLEN, GLAESSNE ALLEN, GLAESSNER, HAZELWOOD & 11/8/2018 BOA CKG PMCHK00000734 $7,052.50 21441 ALLIED01 ALLIED ADMINISTRATORS 11/8/2018 BOA CKG PMCHK00000734 $1,045.09 21442 ANGELO01 ANGELO, KILDAY & KILDUFF, LLP 11/8/2018 BOA CKG PMCHK00000734 $30,508.54 21443 AT&T06 AT&T 11/8/2018 BOA CKG PMCHK00000734 $293.77 21444 ATCONF01 ARKADIN INC 11/8/2018 BOA CKG PMCHK00000734 $45.42 21445 CLARE01 CLARE COMPUTER SOLUTIONS 11/8/2018 BOA CKG PMCHK00000734 $1,897.50 21446 COAST01 COAST FIRE EQUIPMENT 11/8/2018 BOA CKG PMCHK00000734 $104.83 21447 GIVE001 GIVE SOMETHING BACK 11/8/2018 BOA CKG PMCHK00000734 $529.69 21448 ICMA01 ICMA RETIREMENT TRUST - 457 11/8/2018 BOA CKG PMCHK00000734 $2,240.43 21449 LIV SANITATION LIVERMORE SANITATION, INC. 11/8/2018 BOA CKG PMCHK00000734 $1,312.99 21450 MARQUEZ01 LAURA MARQUEZ 11/8/2018 BOA CKG PMCHK00000734 $232.60 21451 MAZE01 MAZE & ASSOCIATES 11/8/2018 BOA CKG PMCHK00000734 $2,285.00 21452 REDDING CITY OF REDDING 11/8/2018 BOA CKG PMCHK00000734 $52,512.80 21453 REMIF R.E.M.I.F. 11/8/2018 BOA CKG PMCHK00000734 $37,075.62 21454 RICH01 CITY OF RICHMOND 11/8/2018 BOA CKG PMCHK00000734 $1,352.56 21455 SAN LEANDRO CITY OF SAN LEANDRO 11/8/2018 BOA CKG PMCHK00000734 $48,366.38 21456 SIERRA GROUP SIERRA GROUP 11/8/2018 BOA CKG PMCHK00000734 $304.77 21457 STATE01 STATE COMPENSATION 11/8/2018 BOA CKG PMCHK00000734 $248.17 21458 VANG01 VANGUARD CLEANING SYSTEMS, INC 11/8/2018 BOA CKG PMCHK00000734 $485.00 21459 VERIZ01 VERIZON WIRELESS 11/8/2018 BOA CKG PMCHK00000734 $316.54 21460 VALLEJO CITY OF VALLEJO 11/9/2018 BOA CKG PMTRX00001569 $59,081.09 21461 CHICO CITY OF CHICO 11/14/2018 BOA CKG PMTRX00001570 $24,000.00 21462 ADP01 ADP, LLC 11/28/2018 BOA CKG PMCHK00000735 $220.40 21463 AKIL01 LUCRETIA AKIL 11/28/2018 BOA CKG PMCHK00000735 $32.05 21464 ANGELO01 ANGELO, KILDAY & KILDUFF, LLP 11/28/2018 BOA CKG PMCHK00000735 $185.00 21465 AQUA01 AQUACHILL 11/28/2018 BOA CKG PMCHK00000735 $42.61 21466 AT&T07 AT&T 11/28/2018 BOA CKG PMCHK00000735 $295.40 21467 CANNON01 JAMIE CANNON 11/28/2018 BOA CKG PMCHK00000735 $191.84 21468 CARM01 CHRIS CARMONA 11/28/2018 BOA CKG PMCHK00000735 $64.31 21469 CORODATA01 CORODATA RECORDS 11/28/2018 BOA CKG PMCHK00000735 $60.90 21470 CSRMA01 CSRMA 11/28/2018 BOA CKG PMCHK00000735 $39,000.00 21471 DIRECT01 DIRECTV 11/28/2018 BOA CKG PMCHK00000735 $168.97 21472 DUFF & PHELPS DUFF & PHELPS, LLC 11/28/2018 BOA CKG PMCHK00000735 $2,500.00 21473 EHRENSTROM LIZ EHRENSTROM 11/28/2018 BOA CKG PMCHK00000735 $171.13 21474 GEARY,SHEA, O'D GEARY, SHEA, O'DONNELL 11/28/2018 BOA CKG PMCHK00000735 $3,831.54 21475 GIBBONS GIBBONS & CONLEY 11/28/2018 BOA CKG PMCHK00000735 $1,665.00 21476 GIVE001 GIVE SOMETHING BACK 11/28/2018 BOA CKG PMCHK00000735 $90.94 21477 GREAT01 GREATAMERICA FIN SVCS 11/28/2018 BOA CKG PMCHK00000735 $296.48 21478 GRIESE MARINDA GRIESE 11/28/2018 BOA CKG PMCHK00000735 $91.94 21479 ICMA01 ICMA RETIREMENT TRUST - 457 11/28/2018 BOA CKG PMCHK00000735 $2,240.43 21480 LIVER01 CITY OF LIVERMORE 11/28/2018 BOA CKG PMCHK00000735 $441.90 21481 LIVERMORE CITY OF LIVERMORE 11/28/2018 BOA CKG PMCHK00000735 $5,194.09 21482 LIVERMORE CHAMB LIVERMORE CHAMBER 11/28/2018 BOA CKG PMCHK00000735 $315.00 21483 MANN SCOTT A. MANN 11/28/2018 BOA CKG PMCHK00000735 $37.06 21484 MAYALL HURLEY LAW OFFICES OF MAYALL HURLEY 11/28/2018 BOA CKG PMCHK00000735 $1,757.50 21485 ORKIN01 ORKIN 11/28/2018 BOA CKG PMCHK00000735 $129.90 21486 PETERS01 PETERS, HABIB, MCKENNA & JUHL- 11/28/2018 BOA CKG PMCHK00000735 $180.00 21487 PRIME MECHANICA PRIME MECHANICAL 11/28/2018 BOA CKG PMCHK00000735 $237.00 21488 QUIAMBAO CECILIA A. QUIAMBAO 11/28/2018 BOA CKG PMCHK00000735 $372.72 21489 RICOH02 RICOH USA INC 11/28/2018 BOA CKG PMCHK00000735 $1,966.86 21490 ROLAND THERESA ROLAND 11/28/2018 BOA CKG PMCHK00000735 $47.08 21491 SIERRA GROUP SIERRA GROUP 11/28/2018 BOA CKG PMCHK00000735 $5,087.45 21492 SMALL01 SMALL BUSINESS BENEFIT 11/28/2018 BOA CKG PMCHK00000735 $126.80 21493 STAND002 STANDARD INSURANCE CO 11/28/2018 BOA CKG PMCHK00000735 $902.25 21494 TELE01 TPX COMMUNICATIONS 11/28/2018 BOA CKG PMCHK00000735 $1,772.09 21495 VANG01 VANGUARD CLEANING SYSTEMS, INC 11/28/2018 BOA CKG PMCHK00000735 $263.49


* Voided Checks

Check Number Vendor ID Vendor Check Name Check Date Checkbook ID Audit Trail Code Amount --------------------------------------------------------------------------------------------------------------------------------- 21496 VISTA GRANDE VISTA GRANDE LANDSCAPE MGMT 11/28/2018 BOA CKG PMCHK00000735 $755.00 -------------------- Total Checks: 59 Total Amount of Checks: $343,133.68 ====================




* Voided Checks

Check Number Vendor ID Vendor Check Name Check Date Checkbook ID Audit Trail Code Amount --------------------------------------------------------------------------------------------------------------------------------- 21498 DREYER01 MARTINA KLEPETKOVA GUERRERO & 12/4/2018 BOA CKG PMTRX00001573 $662,500.00 21499 WALKER01 WALKER, HAMILTON, KOENIG & BUR 12/4/2018 BOA CKG PMTRX00001573 $750,000.00 21500 SANTA ROSA CITY OF SANTA ROSA 12/4/2018 BOA CKG PMTRX00001574 $3,519,067.27 21502 ADP01 ADP, LLC 12/5/2018 BOA CKG PMCHK00000736 $132.80 21503 ANGELO01 ANGELO, KILDAY & KILDUFF, LLP 12/5/2018 BOA CKG PMCHK00000736 $41,971.89 21504 AON01 AON RISK INS SERVICES WEST, IN 12/5/2018 BOA CKG PMCHK00000736 $13,458.00 21505 CITI CARDS CITI CARDS 12/5/2018 BOA CKG PMCHK00000736 $31.05 21506 CLARE01 CLARE COMPUTER SOLUTIONS 12/5/2018 BOA CKG PMCHK00000736 $1,897.50 21507 FREDIANI LYNETTE FREDIANI 12/5/2018 BOA CKG PMCHK00000736 $569.73 21508 ISAACS, MD ERIC ISAACS, MD 12/5/2018 BOA CKG PMCHK00000736 $625.00 21509 LIVER01 CITY OF LIVERMORE 12/5/2018 BOA CKG PMCHK00000736 $71.31 21510 PINS01 PINS 12/5/2018 BOA CKG PMCHK00000736 $819.00 21511 PRIME MECHANICA PRIME MECHANICAL 12/5/2018 BOA CKG PMCHK00000736 $529.57 21512 RAWE01 DAVID RAWE 12/5/2018 BOA CKG PMCHK00000736 $127.53 21513 SHAMROCK THE SHAMROCK COMPANIES, INC. 12/5/2018 BOA CKG PMCHK00000736 $134.94 21514 SOUTHTECH SOUTHTECH SYSTEMS 12/5/2018 BOA CKG PMCHK00000736 $2,500.96 21515 VANG01 VANGUARD CLEANING SYSTEMS, INC 12/5/2018 BOA CKG PMCHK00000736 $485.00 21516 ADP01 ADP, LLC 12/12/2018 BOA CKG PMCHK00000737 $19.80 21517 ALLIED01 ALLIED ADMINISTRATORS 12/12/2018 BOA CKG PMCHK00000737 $1,045.09 21518 AT&T06 AT&T 12/12/2018 BOA CKG PMCHK00000737 $293.51 21519 ATCONF01 ARKADIN INC 12/12/2018 BOA CKG PMCHK00000737 $28.58 21520 CONEXIS01 WAGEWORKS, INC 12/12/2018 BOA CKG PMCHK00000737 $210.00 21521 CORODATA01 CORODATA RECORDS 12/12/2018 BOA CKG PMCHK00000737 $58.93 21522 DUFF & PHELPS DUFF & PHELPS, LLC 12/12/2018 BOA CKG PMCHK00000737 $6,000.00 21523 FRANCO FRANCO SIGNOR LLC 12/12/2018 BOA CKG PMCHK00000737 $7,500.00 21524 GILES01 ANTHONY GILES 12/12/2018 BOA CKG PMCHK00000737 $168.28 21525 ICMA01 ICMA RETIREMENT TRUST - 457 12/12/2018 BOA CKG PMCHK00000737 $2,240.43 21526 LIV SANITATION LIVERMORE SANITATION, INC. 12/12/2018 BOA CKG PMCHK00000737 $1,312.99 21527 LIVER01 CITY OF LIVERMORE 12/12/2018 BOA CKG PMCHK00000737 $411.14 21528 MAZE01 MAZE & ASSOCIATES 12/12/2018 BOA CKG PMCHK00000737 $2,110.00 21529 PETERS01 PETERS, HABIB, MCKENNA & JUHL- 12/12/2018 BOA CKG PMCHK00000737 $220.00 21530 SMALL01 SMALL BUSINESS BENEFIT 12/12/2018 BOA CKG PMCHK00000737 $126.80 21531 SONITR01 SONITROL 12/12/2018 BOA CKG PMCHK00000737 $1,012.50 21532 STATE01 STATE COMPENSATION 12/12/2018 BOA CKG PMCHK00000737 $248.17 21533 STOCKTON CITY OF STOCKTON 12/12/2018 BOA CKG PMCHK00000737 $27,424.80 21534 TELE01 TPX COMMUNICATIONS 12/12/2018 BOA CKG PMCHK00000737 $1,800.28 21535 VALLEJO CITY OF VALLEJO 12/12/2018 BOA CKG PMCHK00000737 $4,723.72 21536 VENTIV VENTIV TECHNOLOGY INC. 12/12/2018 BOA CKG PMCHK00000737 $951.71 21537 VERIZ01 VERIZON WIRELESS 12/12/2018 BOA CKG PMCHK00000737 $226.97 21538 VISTA GRANDE VISTA GRANDE LANDSCAPE MGMT 12/12/2018 BOA CKG PMCHK00000737 $755.00 21539 GAILIP01 MINDY LOSEE AND THE LAW OFFICE 12/17/2018 BOA CKG PMCHK00000738 $950,000.00 21540 ADP01 ADP, LLC 12/20/2018 BOA CKG PMCHK00000739 $138.76 21541 BLAISDELL'S BLAISDELL'S BUSINESS PRODUCTS 12/20/2018 BOA CKG PMCHK00000739 $181.74 21542 ORKIN01 ORKIN 12/20/2018 BOA CKG PMCHK00000739 $129.90 21543 PG&E PG&E 12/20/2018 BOA CKG PMCHK00000739 $5,328.02 21544 TRIAD TRIAD PARK OWNERS ASSOCIATION 12/20/2018 BOA CKG PMCHK00000739 $676.28 21545 AQUA01 AQUACHILL 12/21/2018 BOA CKG PMCHK00000740 $42.61 21546 AT&T07 AT&T 12/21/2018 BOA CKG PMCHK00000740 $295.55 -------------------- Total Checks: 48 Total Amount of Checks: $6,010,603.11 ====================




* Voided Checks

Check Number Vendor ID Vendor Check Name Check Date Checkbook ID Audit Trail Code Amount --------------------------------------------------------------------------------------------------------------------------------- 21547 ADP01 ADP, LLC 1/2/2019 BOA CKG PMCHK00000741 $217.42 21548 CITI CARDS CITI CARDS 1/2/2019 BOA CKG PMCHK00000741 $34.00 21549 DIRECT01 DIRECTV 1/2/2019 BOA CKG PMCHK00000741 $50.70 21550 FEDEX01 FEDEX 1/2/2019 BOA CKG PMCHK00000741 $36.46 21551 GREAT01 GREATAMERICA FIN SVCS 1/2/2019 BOA CKG PMCHK00000741 $296.48 21552 LIVER01 CITY OF LIVERMORE 1/2/2019 BOA CKG PMCHK00000741 $204.41 21553 MAZE01 MAZE & ASSOCIATES 1/2/2019 BOA CKG PMCHK00000741 $500.00 21554 PINS01 PINS 1/2/2019 BOA CKG PMCHK00000741 $819.00 21555 RICOH02 RICOH USA INC 1/2/2019 BOA CKG PMCHK00000741 $2,214.80 21556 STAND002 STANDARD INSURANCE CO 1/2/2019 BOA CKG PMCHK00000741 $902.25 21557 ALLIED01 ALLIED ADMINISTRATORS 1/7/2019 BOA CKG PMCHK00000742 $1,045.09 21558 ANGELO01 ANGELO, KILDAY & KILDUFF, LLP 1/7/2019 BOA CKG PMCHK00000742 $15,307.41 21559 AT&T06 AT&T 1/7/2019 BOA CKG PMCHK00000742 $293.51 21560 ATCONF01 ARKADIN INC 1/7/2019 BOA CKG PMCHK00000742 $110.30 21561 BANU01 SUSANNA BANUELOS 1/7/2019 BOA CKG PMCHK00000742 $26.49 21562 BENNETT BENNETT, SAMUELSEN, REYNOLDS, 1/7/2019 BOA CKG PMCHK00000742 $12,149.36 21563 BLAK01 DBEdu Bus.com 1/7/2019 BOA CKG PMCHK00000742 $2,035.70 21564 CLARE01 CLARE COMPUTER SOLUTIONS 1/7/2019 BOA CKG PMCHK00000742 $1,897.50 21565 GEARY,SHEA, O'D GEARY, SHEA, O'DONNELL 1/7/2019 BOA CKG PMCHK00000742 $1,175.50 21566 GIBBONS GIBBONS & CONLEY 1/7/2019 BOA CKG PMCHK00000742 $2,615.90 21567 GRIESE MARINDA GRIESE 1/7/2019 BOA CKG PMCHK00000742 $16.65 21568 HERUM\CRABTREE HERUM\CRABTREE\SUNTAG 1/7/2019 BOA CKG PMCHK00000742 $4,526.28 21569 LIV SANITATION LIVERMORE SANITATION, INC. 1/7/2019 BOA CKG PMCHK00000742 $1,312.99 21570 MIDLAND01 MIDLAND NATIONAL 1/7/2019 BOA CKG PMCHK00000742 $45.22 21571 REDDING CITY OF REDDING 1/7/2019 BOA CKG PMCHK00000742 $6,149.60 21572 STATE01 STATE COMPENSATION 1/7/2019 BOA CKG PMCHK00000742 $248.17 21573 TELE01 TPX COMMUNICATIONS 1/7/2019 BOA CKG PMCHK00000742 $1,771.88 21574 VANG01 VANGUARD CLEANING SYSTEMS, INC 1/7/2019 BOA CKG PMCHK00000742 $485.00 21575 VERD01 ALM 1/7/2019 BOA CKG PMCHK00000742 $589.00 21576 VERIZ01 VERIZON WIRELESS 1/7/2019 BOA CKG PMCHK00000742 $241.33 21577 ADP01 ADP, LLC 1/15/2019 BOA CKG PMCHK00000743 $129.82 21578 ALLIANT01 ALLIANT INSURANCE SERVICES INC 1/15/2019 BOA CKG PMCHK00000743 $330.00 21579 ASSIST01 ASSIST TEL-COM, INC 1/15/2019 BOA CKG PMCHK00000743 $150.00 21580 BLAISDELL'S BLAISDELL'S BUSINESS PRODUCTS 1/15/2019 BOA CKG PMCHK00000743 $432.51 21581 BNY01 THE BANK OF NEW YORK MELLON 1/15/2019 BOA CKG PMCHK00000743 $1,643.75 21582 CORNISH & CAREY CORNISH & CAREY COMMERCIAL, IN 1/15/2019 BOA CKG PMCHK00000743 $37,457.33 21583 CORODATA01 CORODATA RECORDS 1/15/2019 BOA CKG PMCHK00000743 $61.05 21584 LIVER01 CITY OF LIVERMORE 1/15/2019 BOA CKG PMCHK00000743 $71.13 21585 PG&E PG&E 1/15/2019 BOA CKG PMCHK00000743 $6,146.78 21586 SMALL01 SMALL BUSINESS BENEFIT 1/15/2019 BOA CKG PMCHK00000743 $126.80 21587 VANG01 VANGUARD CLEANING SYSTEMS, INC 1/15/2019 BOA CKG PMCHK00000743 $495.00 21588 VISTA GRANDE VISTA GRANDE LANDSCAPE MGMT 1/15/2019 BOA CKG PMCHK00000743 $755.00 21589 ADP01 ADP, LLC 1/24/2019 BOA CKG PMCHK00000744 $227.42 21590 AQUA01 AQUACHILL 1/24/2019 BOA CKG PMCHK00000744 $42.61 21591 AT&T07 AT&T 1/24/2019 BOA CKG PMCHK00000744 $299.52 21592 FEDEX01 FEDEX 1/24/2019 BOA CKG PMCHK00000744 $37.21 21593 LIVER01 CITY OF LIVERMORE 1/24/2019 BOA CKG PMCHK00000744 $197.36 21594 ORKIN01 ORKIN 1/24/2019 BOA CKG PMCHK00000744 $129.90 21595 RAWE01 DAVID RAWE 1/24/2019 BOA CKG PMCHK00000744 $229.99 21596 ROSEVILLE CITY OF ROSEVILLE 1/24/2019 BOA CKG PMCHK00000744 $1,579.58 21597 ADP01 ADP, LLC 1/30/2019 BOA CKG PMCHK00000745 $37.20 21598 AON02 AON RISK CONSULTANTS, INC 1/30/2019 BOA CKG PMCHK00000745 $20,000.00 21599 BENNETT BENNETT, SAMUELSEN, REYNOLDS, 1/30/2019 BOA CKG PMCHK00000745 $8,660.45 21600 CLARE01 CLARE COMPUTER SOLUTIONS 1/30/2019 BOA CKG PMCHK00000745 $795.81 21601 CONEXIS01 WAGEWORKS, INC 1/30/2019 BOA CKG PMCHK00000745 $105.00 21602 GIBBONS GIBBONS & CONLEY 1/30/2019 BOA CKG PMCHK00000745 $929.16 21603 GREAT01 GREATAMERICA FIN SVCS 1/30/2019 BOA CKG PMCHK00000745 $296.48 21604 HERUM\CRABTREE HERUM\CRABTREE\SUNTAG 1/30/2019 BOA CKG PMCHK00000745 $89.80


* Voided Checks

Check Number Vendor ID Vendor Check Name Check Date Checkbook ID Audit Trail Code Amount --------------------------------------------------------------------------------------------------------------------------------- 21605 ICMA01 ICMA RETIREMENT TRUST - 457 1/30/2019 BOA CKG PMCHK00000745 $22,392.53 21606 REDDING CITY OF REDDING 1/30/2019 BOA CKG PMCHK00000745 $45,478.53 21607 RICOH02 RICOH USA INC 1/30/2019 BOA CKG PMCHK00000745 $1,899.03 21608 RIMERMAN01 FRANK, RIMERMAN CO. LLP 1/30/2019 BOA CKG PMCHK00000745 $929.60 21609 STAND002 STANDARD INSURANCE CO 1/30/2019 BOA CKG PMCHK00000745 $902.25 -------------------- Total Checks: 63 Total Amount of Checks: $210,377.00 ====================

ASSETSCurrent Assets Cash 1,249,600$ Investments 64,245,815 Total Cash and Investments 65,495,414

Interest Receivable 379,711 Accounts Receivable 2,515,733 Prepaid Insurance 2,751,291 Other Prepaids 180,460 Deposits - Total Current Assets 71,322,610

Capital Assets Building & Improvements 2,821,324 Land 548,250 Equipment 441,778 Office Furniture 151,284 Accumulated Depreciation (946,120) Capital Assets, Net 3,016,516 Total Assets 74,339,125

DEFERRED OUTFLOWS OF RESOURCESDeferred Outflows Related to Pensions 324,600

LIABILITIESCurrent Liabilities Unearned Contributions 6,782,015 Accounts Payable 13,628 Accrued Liabilities 125,624 Accrued Employee Benefits 13,115 Reserve for losses - Liability Current 13,621,113 Deferred Revenue 177,205 Total Current Liabilities 20,732,700

Noncurrent Liabilities Reserve for Loss-Liability 30,037,344 Net OPEB obligation (229,875) Net pension liability 949,102 Total Noncurrent Liabilities 30,756,571 Total Liabilities 51,489,271

DEFERRED INFLOWS OF RESOURCESDeferred Inflows Related to Pensions 61,984

NET POSITION Current Year Earnings 1,063,830 Retained Earnings-Liability 4,418,506 Retained Earnings-Property (9,568) Retained Earnings-Auto Physical Damage (17,070) Excess Loss Fund 17,656,772 Member Refunds - Liability -

TOTAL NET POSITION 23,112,471$

CJPRMASTATEMENT OF NET POSITION

As of January 31, 2019

January % to YTD % to Net Income Net Income

Operating Revenues Member Contributions 1,352,859 511.26 9,451,721 888.46 PY Member Contributions - - - 0.00 Fees Earned 2,849 1.08 19,943 1.87 Appraisal Fees - 0.00 - 0.00 Total Operating Revenues 1,355,708 512.33 9,471,664 890.34

Claim Expense Settlements Paid 45,479 17.19 4,256,664 400.13 Settlement Reimbursements - - (4,251,206) (399.61) Current Year Loss Provision 750,000 283.43 5,250,000 493.50 Loss Reserve Adjustment (Prior Year) - - - 0.00 Insurance Premiums 550,096 207.89 3,777,369 355.07 PY Premium Adj - 0.00 13,458 1.27 Total Claim Expense 1,345,575 508.50 9,046,285 850.35

Gross Profit (Loss) 10,133 3.83 425,379 39.99

Operating Expenses Salaries 49,045 18.53 474,862 44.64 PERS Contributions 16,434 6.21 85,803 8.07 Health Benefits 12,930 4.89 99,888 9.39 Life Insurance 242 0.09 1,546 0.15 OPEB Expense - 0.00 - 0.00 Disability Insurance 706 0.27 4,658 0.44 Office Liability/Property Insurance 1,422 0.54 9,954 0.94 General Manager - Wellness Program - 0.00 825 0.08 Auto Allowance 923 0.35 9,231 0.87 Payroll Tax Expense 710 0.27 7,108 0.67 Payroll Services 394 0.15 2,787 0.26 Admin - Training/Conferences/Travel/Mtgs 2,264 0.86 15,903 1.49 GASB 68 Net Pension Expense - 0.00 - 0.00 Risk Mgmt -Conferences/Travel/Meetings - 0.00 44 0.00 Risk Mgmt - Training & Supplies 2,036 0.77 8,852 0.83 Temporary Services - 0.00 - 0.00 Actuarial Services 20,000 7.56 20,128 1.89 MMSEA Reporting 625 0.24 4,375 0.41 Audit - Claims - 0.00 - 0.00 Audit - Financial 435 0.16 14,230 1.34 Web Site Maintenance 222 0.08 1,734 0.16 Info Systems Technical Support 3,053 1.15 17,032 1.60 Legal - Board Counsel - G&A 702 0.27 11,889 1.12 Legal - Board Counsel - Claims - 0.00 - 0.00 Other Claim Expenses - 0.00 - 0.00 Legal - Outside - G&A - 0.00 - 0.00 Treasurer Fees - 0.00 - 0.00

CJPRMASTATEMENT OF OPERATIONS

For the Seven Months Ending January 31, 2019All Departments




Taxes & Assesments - 0.00 10,519 0.99 Professional Services 37,457 14.16 37,457 3.52 Professional Services - Property Program - 0.00 - 0.00 Claims Adjustment Fee - Property Program - 0.00 - 0.00 Appraisal Fees - Property Program - 0.00 6,000 0.56 Bond Premiums 583 0.22 4,081 0.38 Copying/Printing - 0.00 1,096 0.10 Records Management 374 0.14 736 0.07 Computer H/W & S/W Expensed 1,121 0.42 5,465 0.51 Depreciation 6,968 2.63 48,776 4.58 Dues/Memberships - 0.00 1,290 0.12 CAJPA Accreditation - 0.00 - 0.00 Equipment Rental 1,942 0.73 14,861 1.40 Maintenance & Repair - Equip/Building 987 0.37 2,449 0.23 Capital Outlay - 0.00 - 0.00 Furniture & Equipment Expensed 66 0.02 1,704 0.16 Utilities - CJPRMA 6,147 2.32 11,416 1.07 CAM - CJPRMA - 0.00 - 0.00 Utilities - Davita/Golden Gate - 0.00 35,867 3.37 CAM - Davita/Golden Gate 3,065 1.16 39,400 3.70 Office Supplies 386 0.15 3,116 0.29 Janitorial Services & Supplies 980 0.37 4,453 0.42 Postage/Shipping 116 0.04 907 0.09 Publications/Online Subscriptions 70 0.03 1,268 0.12 Promotion/Advertising - 0.00 280 0.03 Telecommunications 2,808 1.06 19,997 1.88 Personnel Recruitment - 0.00 - 0.00 Workers' Comp. Insurance - 0.00 1,737 0.16 Annual Meeting - 0.00 (738) (0.07) Board Meeting Expense - 0.00 1,728 0.16 Gen'l Liability - Training - 0.00 - 0.00 BOD - Brd Mtg Travel Expense - 0.00 4,244 0.40 BOD - Conferences 1,810 0.68 12,658 1.19 Asset Management Fees - Chandler 5,341 2.02 36,759 3.46 Risk Mgmt Info System 7,283 2.75 51,933 4.88 Bank Charges 1,947 0.74 7,594 0.71 Risk Control Online Service 5,571 2.11 11,142 1.05 Other Expenses 215 0.08 4,026 0.38 Contingency Fund - 0.00 - 0.00 Allocated G&A - Liability (2,849) (1.08) (19,943) (1.87) Allocated G&A - Property 2,016 0.76 14,112 1.33 Allocated G&A - Boiler & Machinery - 0.00 - 0.00 Allocated G&A - Auto Physical Damage 833 0.31 5,831 0.55 Total Expense 197,377 74.59 1,173,070 110.27

Net Operating Income (Loss) (187,244) (70.76) (747,691) (70.28)




Investment Income Interest Income - Liability 139,411 52.68 864,822 81.29 Realized Gain on Investment (24,805) (9.37) (112,287) (10.55) Unrealized Gain on Investment 322,228 121.77 959,500 90.19 Total Investment Income 436,834 165.08 1,712,036 160.93

Other Income/ Expense Gain on disposal of asset - 0.00 - 0.00 Other Income - 0.00 - 0.00 Rental & CAM Income 15,024 5.68 99,486 9.35 Utilities Income - Davita/Golden Gate - 0.00 - 0.00

15,024 5.68 99,486 9.35

Net Income (Loss) 264,615 100.00 1,063,830 100.00

January % to YTD % toNet Income Net Income

Operating Revenues Member Contributions 980,351 354.80 6,829,331 832.34 Fees Earned - 0.00 - 0.00 Total Operating Revenues 980,351 354.80 6,829,331 832.34

Claim Expense Settlement Reimbursements - 0.00 - 0.00 Current Year Loss Provision 750,000 271.43 5,250,000 639.86 Loss Reserve Adjustment (Prior Year) - 0.00 - 0.00 Insurance Premiums 211,370 76.50 1,423,230 173.46 Total Claim Expense 961,370 347.93 6,673,230 813.32


Operating Expenses Salaries 49,045 17.75 474,862 57.88 PERS Contributions 16,434 5.95 85,803 10.46 Health Benefits 12,930 4.68 99,888 12.17 Life Insurance 242 0.09 1,546 0.19 OPEB Expense - 0.00 - 0.00 Disability Insurance 706 0.26 4,658 0.57 Office Liability Insurance 1,422 0.51 9,954 1.21 General Manager - Wellness Program - 0.00 825 0.10 Auto Allowance 923 0.33 9,231 1.13 Payroll Tax Expense 710 0.26 7,108 0.87 Payroll Services 394 0.14 2,787 0.34 Admin - Training/Conferences/Travel/Mtgs 2,264 0.82 15,903 1.94 GASB 68 Net Pension Expense - 0.00 - 0.00 Risk Mgmt - Meetings & Travel - 0.00 44 0.01 Risk Mgmt - Training & Materials 2,036 0.74 8,852 1.08 Temporary Services - 0.00 - 0.00 Actuarial Services 20,000 7.24 20,128 2.45 MMSEA Reporting 625 0.23 4,375 0.53 Audit - Claims - 0.00 - 0.00 Audit - Financial 435 0.16 14,230 1.73 Web Site Maintenance 222 0.08 1,734 0.21 Info Systems Technical Support 3,053 1.10 17,032 2.08 Legal - Board Counsel - G&A 702 0.25 11,889 1.45 Legal - Board Counsel - Claims - 0.00 - 0.00 Other Claim Expenses - 0.00 - 0.00 Legal - Outside - G&A - 0.00 - 0.00 Treasurer Fees - 0.00 - 0.00 Taxes & Assesments - 0.00 10,519 1.28 Professsional Services 37,457 13.56 37,457 4.57 Bond Premiums 583 0.21 4,081 0.50 Copying/Printing - 0.00 1,096 0.13 Records Management 374 0.14 736 0.09


For the Seven Months Ending January 31, 2019Liability




Computer H/W & S/W Expensed 1,121 0.41 5,465 0.67 Depreciation 6,968 2.52 48,776 5.94 Dues/Memberships - 0.00 1,290 0.16 CAJPA Accreditation - 0.00 - 0.00 Equipment Rental 1,942 0.70 14,861 1.81 Maintenance & Repair - Equip/Building 987 0.36 2,449 0.30 Capital Outlay - 0.00 - 0.00 Furniture & Equipment Expensed 66 0.02 1,704 0.21 Utilities -CJPRMA 6,147 2.22 11,416 1.39 CAM - CJPRMA - 0.00 - 0.00 Utilities - Davita/Golden Gate - 0.00 35,867 4.37 CAM - Davita/Golden Gate 3,065 1.11 39,400 4.80 Office Supplies 386 0.14 3,116 0.38 Janitorial Service & Supplies 980 0.35 4,453 0.54 Postage/Shipping 116 0.04 907 0.11 Publications/Online Subscriptions 70 0.03 1,268 0.15 Promotion/Advertising - 0.00 280 0.03 Telecommunications 2,808 1.02 19,997 2.44 Personnel Recruitment - 0.00 - 0.00 Workers' Comp. Insurance - 0.00 1,737 0.21 Annual Meeting - 0.00 (738) (0.09) Board Meeting Expense - 0.00 1,728 0.21 Gen'l Liability - Training - 0.00 - 0.00 BOD - Brd Mtg Travel Expense - 0.00 4,244 0.52 BOD - Conferences 1,810 0.65 12,658 1.54 Asset Management Fees - Chandler 5,341 1.93 36,759 4.48 Risk Mgmt Info System 7,283 2.64 51,933 6.33 Bank Charges 1,947 0.70 7,594 0.93 Risk Control Online Service 5,571 2.02 11,142 1.36 Other Expenses 215 0.08 4,026 0.49 Contingency Fund - 0.00 - 0.00 Allocated G&A - Liability (2,849) (1.03) (19,943) (2.43) Total Expense 194,528 70.40 1,147,127 139.81

Net Operating Income (Loss) (175,547) (63.53) (991,026) (120.78)

Investment Income Interest Income 139,411 50.45 864,822 105.40 Realized Gain on Investment (24,805) (8.98) (112,287) (13.69) Unrealized Gain on Investment 322,228 116.62 959,500 116.94

Total Investment Income 436,834 158.09 1,712,036 208.66




Other Income/Expense Gain on disposal of asset - 0.00 - 0.00 Other Income - 0.00 - 0.00 Rent & CAM Income 15,024 5.44 99,486 12.13 Utilities Income - Davita/Golden Gate - 0.00 - 0.00

15,024 5.44 99,486 12.13

Net Income (Loss) 276,311 100.00 820,495 100.00


Operating Revenues Member Contributions - Property 262,323$ 0.00 1,842,261$ 0.00 Member Contributions - Environ Pollution 12,127 0.00 84,889 0.00 Member Contributions - Cyber 3,474 0.00 36,318 0.00 Member Contributions - Corridor Fund 34,710 0.00 242,970 0.00 Member Contributions - Drone 1,767 0.00 9,203 0.00 PY Member Contributions - Property - 0.00 - 0.00 Loss Adjustment Contributions - 0.00 - 0.00 Fees Earned 2,016 0.00 14,112 0.00 Other Income - 0.00 - 0.00 Total Operating Revenues 316,417 0.00 2,229,753 0.00

Claim Expense Settlements Paid - 0.00 4,007,495 0.00 Settlement Reimbursements - 0.00 (4,002,037) 0.00 Insurance Premiums - Property 260,002 0.00 1,820,014 0.00 Insurance Premiums - Environ Pollution 12,127 0.00 84,889 0.00 Insurance Premiums - Cyber 5,474 0.00 38,318 0.00 Insurance Premiums - Drone 1,697 0.00 11,070 0.00 PY Ins Premium Adj - 0.00 - 0.00 Total Claim Expense 279,300 0.00 1,959,749 0.00


Operating Expenses Appraisal Fees - 0.00 6,000 0.00 Allocated G&A - Property 2,016 0.00 14,112 0.00 Professional Services - Property Program - 0.00 - 0.00 Total Operating Expenses 2,016 0.00 20,112 0.00

Net Income (Loss) 35,101$ 100.00 249,892$ 100.00


For the Seven Months Ending January 31, 2019Property


Operating Revenues Member Contributions 58,107$ 0.00 406,749$ 0.00 PY Member Contributions - - - 0.00 Fees Earned 833 0.00 5,831 0.00 Total Operating Revenues 58,940 0.00 412,580 0.00

Claim Expense Settlements Paid - APD 45,479 0.00 249,170 0.00 Settlement Reimbursements - APD - 0.00 (249,170) 0.00 Insurance Premiums 59,426 0.00 399,848 0.00 PY Ins Premium Adj - 0.00 13,458 0.00 Total Claim Expense 104,905 0.00 413,306 0.00

Gross Profit (Loss) (45,965) 0.00 (726) 0.00

Operating Expenses Allocated G&A - Auto Physical Damage 833 0.00 5,831 0.00 Total Operating Expenses 833 0.00 5,831 0.00

Operating Income (Loss) (46,798) 0.00 (6,557) 0.00

Net Income (Loss) (46,798)$ 100.00 (6,557)$ 100.00


For the Seven Months Ending January 31, 2019Auto Physical Damage

Annual Budget Budget Expense % of VarianceFY 18/19 YTD YTD Annual Budget under/ (over)

100% 58%

Personnel Salaries 776,000$ 452,666$ 474,862$ 61.2% (22,196)$ Auto Allowance 14,250 8,312 9,231 64.8% (918) PERS Contributions 134,000 78,167 85,803 64.0% (7,637) Health Benefits 140,000 81,667 99,888 71.3% (18,221) Life Insurance 3,000 1,750 1,546 51.5% 204 OPEB Expense 50,000 29,167 - 0.0% 29,167 Disability Insurance 8,000 4,667 4,658 58.2% 9 Workers' Comp. Insurance 6,900 4,025 1,737 25.2% 2,288 Payroll Tax Expense 11,500 6,708 7,108 61.8% (400) General Manager - Wellness Program 3,600 2,100 825 22.9% 1,275 Total Personnel Expenses 1,147,250 669,229 685,658 59.8% (16,429)

Maintenance & Operation Utilities - CJPRMA 10,000 5,833 11,416 114.2% (5,582) CAM - CJPRMA 20,000 11,667 - 0.0% 11,667 Utilities - Davita/Golden Gate 70,000 40,833 35,867 51.2% 4,966 CAM - Davita/Golden Gate 60,000 35,000 39,400 65.7% (4,400) Equipment Rental 26,000 15,167 14,861 57.2% 306 Maintenance & Repair - Equip/Building 11,000 6,417 2,449 22.3% 3,968 Office Liability/Property Insurance 13,000 7,583 9,954 76.6% (2,371) Bond Premiums 7,000 4,083 4,081 58.3% 2 Payroll Services 5,500 3,208 2,787 50.7% 421 Tuition Reimbursement 500 292 - 0.0% 292 Office Supplies 7,000 4,083 3,116 44.5% 967 Janitorial Service & Supplies 8,000 4,667 4,453 55.7% 213 Telecommunications 33,000 19,250 19,997 60.6% (747) Postage/Shipping 1,800 1,050 907 50.4% 143 Personnel Recruitment 2,000 1,167 - 0.0% 1,167 Dues/Memberships 2,500 1,458 1,290 51.6% 168 Publications/Online Subscriptions 5,000 2,917 1,268 25.4% 1,649 Copying/Printing 1,500 875 1,096 73.1% (221) Records Management 800 467 736 92.0% (269) Promotion/Advertising 500 292 280 55.9% 12 CAJPA Accreditation - - - 0.0% - Furniture & Equipment Expensed 3,000 1,750 1,704 56.8% 46 Computer H/W & S/W Expensed 11,000 6,417 5,465 49.7% 952 Info SystemsTechnical Support 28,000 16,333 17,032 60.8% (699) Web Site Maintenance 1,000 583 1,734 173.4% (1,151) Actuarial Services 14,500 8,458 20,128 138.8% (11,670) MMSEA Reporting 8,000 4,667 4,375 54.7% 292 Audit - Financial 23,000 13,417 14,230 61.9% (813) Audit - Claims 40,000 23,333 - 0.0% 23,333 Temporary Services 1,000 583 - 0.0% 583 Legal - Board Counsel - G&A 30,000 17,500 11,889 39.6% 5,611

CJPRMAACTUAL EXPENSES VS BUDGET

For the Seven Months Ending January 31, 2019

Annual Budget Budget Expense % of VarianceFY 18/19 YTD YTD Annual Budget under/ (over)

100% 58%

CJPRMAACTUAL EXPENSES VS BUDGET

For the Seven Months Ending January 31, 2019

Legal - Board Counsel - Claims 100,000 58,333 3,674 3.7% 54,659 Legal - Outside - G&A 2,000 1,167 - 0.0% 1,167 Legal - Outside - Claims 1,500,000 875,000 284,738 19.0% 590,262 Other Claim Expenses 25,000 14,583 750 3.0% 13,833 Treasurer Fees 3,600 2,100 - 0.0% 2,100 Taxes & Assessments 11,000 6,417 10,519 0.0% (4,102) Professional Services 4,000 2,333 37,457 936.4% (35,124) Admin - Conferences/Travel/Mtgs 20,000 11,667 15,903 79.5% (4,236) GASB 68 Net Pension Expense - - - 0.0% - Risk Mgmt - Conferences/Travel/Mtgs 5,000 2,917 44 0.9% 2,873 Risk Mgmt -Training & Supplies 20,000 11,667 8,852 44.3% 2,814 Gen'l Liability - Training 12,000 7,000 - 0.0% 7,000 BOD - Brd Mtg Travel Exp 8,000 4,667 4,244 53.0% 423 BOD - Conferences 35,000 20,417 12,658 36.2% 7,759 Board Meeting Expense 14,000 8,167 1,728 12.3% 6,438 Annual Meeting 30,000 17,500 (738) -2.5% 18,238 Risk Control Online Serv 33,000 19,250 11,142 33.8% 8,108 Asset Management Fees 75,000 43,750 36,759 49.0% 6,991 RMIS - Support/Annual Fee 84,600 49,350 51,933 61.4% (2,583) Bank Charges 12,000 7,000 7,594 63.3% (594) Other Expenses 1,000 583 4,026 402.6% (3,442) Contingency Fund 20,000 11,667 - 0.0% 11,667 Total Maint. & Op. Expenses 2,459,800 1,434,883 721,799 29.3% 713,084

Capital Outlay Capital Outlay 50,000 29,167 - 0.0% 29,167 Total Capital Outlay 50,000 29,167 - 0.0% 29,167

Subtotal 3,657,050 2,133,278 1,407,456 38.5% 725,822

Less:Assessment Against Liability Reserve 1,625,000 947,916 289,162 17.8% 658,754 Assessment Against Interest 75,000 43,750 36,759 49.0% 6,991

Total G&A 1,957,050$ 1,141,612$ 1,081,536$ 55.3% 60,076$

ASSETS

OPEB Trust Investments 463,635$

NET POSITION

Total net position held in trust for OPEB 463,635$

CJPRMA

STATEMENT OF FIDUCIARY NET POSITIONAs of January 31, 2019

OPEB TRUST FUND

Back to Agenda


AGENDA BILL

ITEM: 3 TITLE: 2017-2019 STRATEGIC PLAN

MEETING: 05/22 & 23/2019

GENERAL MANAGER:


None currently. The Strategic Plan update is provided as information only.


This item addresses all of the strategic goals adopted by the organization.

Item Explanation:

The Board of Directors adopted the current strategic plan at the December 15, 2016 board meeting. The general manager has provided status updates for action items, and where no action has been taken, the general manager has recommended reevaluation of the timeline. The Board of Directors will meet in October 2019 to revise the strategic plan. This item presented is a discussion item only. Fiscal Impact:

1. None at this time. Exhibits:

1. CJPRMA Strategic Plan 2017-2019

STRATEGIC PLAN 2017 - 2019

-2-

The California Joint Powers Risk Management Authority is a member-directed excess liability risk retention pool that is dedicated to protecting its members from catastrophic losses and meeting the needs of its members by:

• Providing comprehensive, stable, and affordable excess liability coverage • Offering competitive and flexible coverage programs • Delivering quality risk management services • Preserving financial strength and solvency

CJPRMA continually exceeds expectations and ensures organizational vitality.

Mission Statement

Vision Statement

-3-

Strategic Goal 1: Employ Customizable Products and Services to be Competitive Key Message: Enhance programs to minimize losses keeping premium rates and program costs competitive with the marketplace

PRIORITY ACTIONS ACTING PARTY STATUS TIMELINE

1. Identify alternative forms of asset management while exploring alternative investment markets to enhance CJPRMA’s return on investment.

Staff Exec

GM and Finance Officer attended seminar and follow-up call on captives in March and April 2019.

July 2017

2. Determine the adequacy of the current contribution methodology of members and develop a three- to five-year program to optimize CJPRMA’s funding. • Include loss development factors in

determining contributions. • Evaluate incentive options for positive loss

experience. • Evaluate increased contributions based upon

adverse loss experience.

Staff Exec

Timeline needs to be reevaluated. October 2017

3. Identify approaches to loss experience and develop an equitable methodology to respond to members that adversely impact the program.

Staff Exec

November 2017. BOD approved policy on “Review of Loss Member History.”

October 2017

4. Conduct a focused evaluation of current CJPRMA’s liability market conditions and implement programs and coverage options that optimize the delivery of services to members.

Staff

Coverage Cmte Brokers

This is an ongoing item. April 2017

-4-

5. Promote effective risk management by providing support to members. • Evaluate options for implementing a TPA-style

claims management service for members.

Staff Exec

GM provides continual support to members. TPA-style claims management not evaluated. January 2018

6. Develop an Excess Workers Compensation Program Model for evaluation by the Board of Directors for 7/1/2018 implementation.

Staff Exec

There was significant activity on this project throughout 2017. Ultimately, not enough members provided data to allow program to move forward.

July 2017

-5-

Strategic Goal 2: Invest Organizational Capital in the Development of Targeted Educational and Training Programs

Key Message: Train and retain members that contribute to the fiduciary health of CJPRMA

PRIORITY ACTIONS ACTING PARTY

STATUS TIMELINE

1. Implement a Board of Directors education academy to enhance the effectiveness and fiduciary stability of CJPRMA. • Identify existing state-of-the-industry trainings, if

available, rather than reinventing the wheel. Communicate to members.

• Offer online/webinar trainings. • Integrate success stories and best practices in

addition to theory.

Staff GM

A formal education academy has not been established. However, many training opportunities have been provided since the inception of the strategic plan and continue to be provided.

May 2017

2. Develop a Board of Directors mentoring program to facilitate enhanced learning by new directors. • Invite new members to attend a CJPRMA

Executive Committee meeting.

Staff Exec

Timeline needs to be reevaluated. March 2017

3. Provide customized and targeted trainings to members and their agencies on critical loss experience areas.

Staff In 2018, training provided on police practices and fire service EPL. EPL training scheduled for June 2019.

April 2017, 2018, 2019

-6-

4. Implement a Risk Management Training Series for members and create a multi-year curriculum to enhance the loss mitigation activities of members. • Mandate board members attend at least one

training annually.

Staff Exec

ARM 54 offered in July 2018. ARM 55 offered in March 2019. No training mandate established as of March 2019.

April 2017

5. Take advantage of current marketplace training opportunities. Make programs available to members from select organizations, such as CAJPA and PARMA, or forge partnerships with other pooling organizations.

Staff CJPRMA promotes training through PARMA, CJPRMA and CSRMA. CJPRMA partners with CSRMA for the annual Sewer Summit.

July 2017, 2018, 2019

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Strategic Goal 3: Foster Informed and Engaged Board Leadership Key Message: Ensure all members understand and embrace risk management and claims management and are

active partners with CJPRMA


1. Develop and implement a claims management process that integrates clear accountability to ensure long-term sustainability of the program.

Staff Claims Cmte

Claims Committee established and working on this.

May 2017

2. Create a framework to provide post-litigation debriefings based on best practices with executive staff members of agencies experiencing losses.

Staff Claims Cmte


February 2017

3. Institute an agency-wide “Litigation Panel” or recommended vendor list of attorneys with an incentive for members to use recommended vendors. Develop a litigation management policy based on best practices.

Staff Claims Cmte


July 2017

4. Create item specific ad-hoc committees of the Board of Directors for evaluation and creation of specific programs. Programs to include, but not be limited to, risk management, claims management and program development. • CJPRMA to fully staff committees. • Clearly establish goals, timelines and deliverables.

President Claims Committee established and has begun work.

On-Going

5. Formalize and put the succession plan into practice to ensure CJPRMA’s continuity.

GM Exec

New GM appointed in December 2018. July 2017

-8-

Strategic Goal 4: Actively Market the Value of CJPRMA Both Externally and Internally Key Message: Build a healthy membership for long-term stability


1. Enhance the availability of CJPRMA benchmarking and industry tools via the website and other electronic media. • Educate TPAs and members on loss-coding

methodologies.

Staff Claims Cmte

Timeline needs to be reevaluated January 2018

2. Provide enhanced data and risk-management-related materials to convey the importance of participating in pooling and the value of membership in CJPRMA. • Deliver detailed risk management loss information

to membership directed at eliminating losses.

Staff Exec

Timeline needs to be reevaluated March 2017

3. Create presentations on the value of CJPRMA and present them to all members’ executive teams or elected bodies. Use success stories. Staff

Previous GM has met with members, including executive teams and elected bodies. Current GM has held member meetings with most members, but not with exec teams/elected.

April 2017

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4. Identify potential members from the public-sector marketplace and communicate the benefits of joining CJPRMA.

GM Exec

LPFD added as a member effective July 2018. Provided quote to City of Oxnard in December 2018. Oxnard declined to apply for membership. Contacted City of Salinas in May 2019. Salinas had not been in a pool, but they joined ACCEL this year.

On-Going

5. Create a Board of Directors Manual to be provided to every Director and Alternate. • Provide annual updates • Create an online version of the manual

Staff Timeline needs to be reevaluated. May 2017

Back to Agenda


AGENDA BILL

ITEM: 4 TITLE: STATUS UPDATE ON GENERAL MANAGER’S GOALS & OBJECTIVES

MEETING: 05/22 & 23/2019

GENERAL MANAGER:


None. This item is being provided to the Board of Directors as an update on the general manager’s 2018-2019 Goals and Objectives.


This item addresses all of the strategic goals adopted by the organization.

Item Explanation:

The prior general manager’s Goals and Objectives FY 2016-2019 were created to identify the areas of priority for staff in meeting the objectives of the adopted strategic plan. The general manager has updated the “Tasks Completed” section of the form to address changes since he was appointed in December 2018. It is anticipated that the goals and objectives will be updated after the October 2019 strategic planning session. This item is being provided as an information item only and no formal action is required.

Fiscal Impact:

None

Exhibits:

1. General Manager’s Goals & Objectives 2018-2019

1 | P a g e

GENERAL MANAGER GOALS & OBJECTIVES FOR 2018-2019

GOALS OUTCOMES COMMITTEE ASSIGNMENT

TASKS COMPLETED

Financial Strength and Solvency 15%

The general manager will monitor the development of programs and services for the organization that maintain the invested assets of CJPRMA, maintain or reduce the current costs to members and provide enhanced excess/reinsurance coverage to member exposures. Will make recommendation to the Board of Directors as needed.

Executive Committee

• Renewed lease with DaVita that includes higher rent for CJPRMA

• Working with broker and underwriters on PY 19/20 renewals.

• Provided extensive underwriting data to Aon for PY 19/20 GL renewal.

• Worked extensively with claims administrators and members to resolve cases via mediation at significant cost reductions for members.

Develop core products and services with innovation. 15%

The general manager will continue to evaluate and monitor the core products and services provided to members. These products and services will be driven to insure financial strength and solvency to CJPRMA. CJPRMA will also attempt to broaden coverage and services that meet the needs for cost effective services for our members. The primary areas of focus for the achievement of this goal will include the following:

1. Risk Management Information Services 2. Coverage 3. Claims Management

General Manager • Working with Ventiv to provide effective claims management/RMIS through Risk Console.

• Continuing primary and excess claims audits.

• Provided semi-annual updates to Board on losses and developments.

• Established Claims Committee with goal of making recommendations to reduce losses.

• Presented numerous topics for Board at annual meeting.

• Held ARM 54 class at CJPRMA • Visited many member sites to discuss

needs from pool and GM. • Met with underwriter for deadly weapon

(active shooter) coverage and working to schedule presentation to board.

2 | P a g e


TASKS COMPLETED

Develop and deliver targeted training programs to members based upon CJPRMA and member loss history. 10%

Collect the necessary data for the purpose of identifying the primary loss exposures for CJPRMA and our members. Utilize the data for the purpose of developing state of the art, effective training sessions for members. The primary areas of focus for completing this objective include the following:

1. Targeted training-Aligned to loss history and actual trends.

2. Member Education – Develop a training program for member management and operations.

3. Director Education and Training – Enhance skills of Directors through education and training.

General Manager • ARM 54 class • EPL training scheduled for June 2019 • CJPRMA University • Worked with numerous cities on specific

claims related issues including developing settlement and defense strategies

3 | P a g e


TASKS COMPLETED

Create an approach to marketing the value of CJPRMA to its members and identify market opportunities for control growth of the organization. 10%

Develop a member outreach program that provides members with key information identifying the value of CJPRMA to its members. In addition, evaluate the opportunities for development of a targeted marketing effort to organizations that meet and or exceed current member standards. The primary initiatives for the delivery of an effective outreach program will include:

1. Marketing communication brochure 2. Exclusions and alternative coverage 3. Market definition and outreach

General Manager • CJPRMA University • Provided quote to southern California city for

program participation • LPFD joined pool effective July 2018 • Met with members at their locations to discuss

needs from pool and GM. • Contacted two cities to discuss membership

with CJPRMA. One requested a premium quote by declined to apply. One had already joined another pool.

Implement and monitor an information technology upgrade to all CJPRMA systems. 10%

CJPRMA is implementing a new RMIS System. The system will be utilized as the primary workflow product for the organization and will provide membership with the opportunity to utilize multiple modules within the system for a significantly discounted pricing. In addition, CJPRMA will evaluate all of its technology solutions and will expressly evaluate for following key areas:

1. Claims Management Technology 2. Member information upgrade 3. Exposure Data 4. Webinars

General Manager • Continue to embrace the technology available within Risk Console for benefit of membership

• Implemented member portal within risk console for APD and property updates.

4 | P a g e


TASKS COMPLETED

Provide consultation to board members and individual member agencies by resolving questions and issues concerning agency risk management practices and procedures. 10%

The general manager is available to assist board members and their agencies by reviewing contracts, performing audits, reviewing policies and by making practices for best practice risk management. General manager will work with ad-hoc committee to develop CJPRMA standards for risk transfer and will populate the new Risk Console System with standardized contract requirements.

General Manager • Ongoing work with multiple board members on issues related to risk transfer, claim management, litigation management and multiple risk management issues

• Help members with contract reviews

Provide updated information to members on CJPRMA programs, services and provide ongoing updates on legislative changes including results of litigation affecting our industry. 5%

CJPRMA staff will provide ongoing updates to members on programs and services and shall provide training on an annual basis that will include:

1. New board member orientation 2. Update on all memorandum of coverage

documents 3. Claims update 4. Case law updates

General Manager and Staff

• Communicate with board of issues of legislative concern

• Disseminate information to Board Members on case law out of court of appeals both within CJPRMA and within the public sector environment

Enhance the CJPRMA claims processing, litigation management program and the delivery of litigation/claim information to the board of directors. 10%

The general manager will work with staff to continue to improve the delivery of claims management to members. Staff will review options for a preferred provider network of legal counsel, develop improved reporting to the board of directors on all claims and continue to provide semi-annual updates on the overall claims management process and organization experience.

General Manager and Staff

• Claims administrator works closely with each member on cases of liability within the member’s layer and CJPRMA layer

• Work aggressively on litigated matters and strive to identify cases of clear liability for resolution.

• Use advanced tools such as focus groups and mock trials to evaluate cases.

5 | P a g e


TASKS COMPLETED

Manage all aspects of the operation of CJPRMA including staff, operations and outside vendors. 10%

The general manager has the overall responsibility to oversee the performance of staff and to work with staff to develop capabilities within CJPRMA. General manager must also oversee all outside vendors to insure the highest quality and most efficient use of resources for the delivery of service to the organization and its members.

General Manager • General manager appointed to position in December 2018.

• Worked with numerous vendors maintaining the CJPRMA building.

• Working with staff on career goals. Identifying training and experience opportunities for staff.

Manage the CJPRMA facility and coordinate all aspects of building maintenance and maintain relationship with tenant. 5%

General Manager will be responsible for maintaining all operations of the new facility and provide oversight and coordination of tenant relationship and coordination of other condo owners at facility.

General Manager • Renewed lease with DaVita. • Manage the operation of the office. Work with

tenant and owner of other suites to preserve CJPRMA asset.

• Continue ongoing management of all IT systems, security systems and all other building related infrastructure.

• Accepted position on board of Triad Business Park to protect interests of CJPRMA.

Back to Agenda


AGENDA BILL

ITEM: 5 TITLE: SETTLEMENT OF CLAIMS DISCUSSED IN CLOSED SESSION

MEETING: 05/22 & 23/2019

GENERAL MANAGER:


None. This item is presented as information only.


Strategic Goal 3: Foster Informed and Engaged Board Leadership

Item Explanation:

Government Code Section 54957.1 (4) requires that claims discussed in closed session must be reported when they are settled at a time following that closed session.

“Disposition reached as to claims discussed in closed session pursuant to Section 54956.95 shall be reported as soon as reached in a manner that identifies the name of the claimant, the name of the local agency claimed against, the substance of the claim, and any monetary amount approved for payment and agreed upon by the claimant.”

The following claims were previously discussed in closed session and have since been settled and have been dismissed:

Case Name Authority Final Settlement Amount Closed Date Newmaker v. City of Fortuna (REMIF)

On 2/7/18, the Executive Committee approved the $900K settlement agreement reached at mediation.

$ 900,000 10/29/2018

Fiscal Impact

None.

Exhibits:

None.

Back to Agenda


AGENDA BILL

ITEM: 6 TITLE: REPORT FROM INVESTMENT MANAGER

MEETING: 05/22 & 23/2019

GENERAL MANAGER:


None. This item is being provided for information purposes only.


This item addresses Strategic Goal 1, Employ Customizable Products and Services to be Competitive and Strategic Goal 3, Foster Informed and Engaged Board Leadership.

Item Explanation:

Pool investments are managed by Chandler Asset Management. The assets are held in CJPRMA’s bank custody account managed by the Bank of New York.

The investment program is divided into three parts: The Loss Payment Account, the Long Term Growth Account and the Long Term Growth/Tactical Account.

The Loss Payment Account is utilized to provide funds for operating expenses and the payment of losses. The Loss Payment Account invests in high grade securities with a maximum maturity of five years. As of April 30, 2019 the Loss Payment Account was valued at $3,216,722. This was a decrease of $4,958,951 from its valuation of $8,175,723 on January 31, 2019. Several securities were purchased in the Treasury, Agency, and Asset Backed sectors to increase the maturity profile of the strategy to be more consistent with the benchmark. Three securities matured and one was sold to help facilitate the new holdings in the portfolio. Additionally, the market value of the portfolio contracted due to the cumulative $5 million in withdrawals during the reporting period which was allocated out of the LAIF balance. The Loss Payment Account has sufficient funds to meet the expenditure requirements of the next six months.

Both Long Term Growth Accounts are utilized to provide long term asset growth in order to offset inflation. The maturity range of these investments is a maximum of ten years.

As of April 30, 2019 the Long Term Growth Account / Tactical was valued at $17,398,916. This was an increase of $184,960 from its valuation of $17,213,956 on January 31, 2019. Multiple securities were purchased in the Treasury, Agency, Asset Backed and Corporate sectors to keep the portfolio positioned consistent with Chandler’s objectives for the strategy. Three securities were sold and one

Back to Agenda

matured to fund the new holdings in the portfolio. Late in the reporting period trading activity was light in anticipation of a liquidity need from staff that has not yet materialized.

As of April 30, 2019, the Long Term Growth Account was valued at $36,962,097. This was a decrease of $2,273,672 from its valuation of $39,235,769 on January 31, 2019. Two securities were sold and two matured during the reporting period to fund a liquidity need of $3 million in late March. The Chandler team sold shorter maturity securities, relative to the 5-10 year benchmark, to assist in keeping the overall portfolio structure consistent with Chandler Objectives for the strategy.

The investments in all accounts comply with CJPRMA’s investment policy.

Bill Dennehy, of Chandler Asset Management will be present to discuss the portfolio and our investment strategy. In addition, he will be providing an update on economic factors that have had a direct impact on the investments.

The Consolidated Monthly Account Statement with a detail listing of the investment holdings is attached for your information.

Fiscal Impact:

From January 31, 2019 to April 30, 2019, the value of the investment portfolio decreased by approximately $7,047,663.

Exhibits:

1. Investment Report from Chandler Asset Management dated April 30, 2019. 2. CJPRMA Consolidated Monthly Account Statement for the period April 1, 2019 through April

30, 2019.

CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com

INVESTMENT REPORT

Period Ending April 30, 2019

California Joint Powers Risk Management Authority

SECTION 1 Economic Update

SECTION 2 Account Profile

Table of Contents As of April 30, 2019

1

SECTION | Section 1 | Economic Update

2

Source: US Department of Labor Source: US Department of Labor

0

50

100

150

200

250

300

350

MO

M C

hang

e In

(00

0's)

Nonfarm Payroll (000's)

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%Unemployment Rate

Underemployment Rate (U6)Unemployment Rate (U3)

Rate

(%)

Employment

3

Source: US Department of Labor Source: US Department of Commerce

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

Consumer Price Index (CPI)

CPI YOY % ChangeCore CPI YOY % Change

YOY(

%) C

hang

e

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

Personal Consumption Expenditures (PCE)

PCE Price Deflator YOY % ChangePCE Core Deflator YOY % Change

YOY(

%) C

hang

e

Inflation

4

Source: Bloomberg Source: Bloomberg

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%US Treasury Note Yields

2-Year 5-Year 10-Year

Yiel

d (%

)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%US Treasury Yield Curve

Apr-19Jan-19Apr-18

Yiel

d (%

)

Bond Yields

5

Section 2|SECTION | Section 2 | Account Profile

6

Objectives

Chandler Asset Management Performance Objective

Investment Objectives

Strategy

The investment objectives of the California Joint Powers Risk Management Authority are first, to preserve principal; second,to ensure liquidity; and third, to earn a return that is commensurate with the first two objectives. Funds available forinvestment are segregated into three separate portfolios in order to meet the Authority's investment goals.

The Loss Payment Account

The Loss Payment Account shall be invested to match its duration to the duration of the Authority's expected claims and toprovide cash to pay losses, as they come due, and to pay the operating expenses of the Authority.

The Long Term Growth Account and the Long Term Growth Account (Tactical)

Recognizing that casualty liabilities are inflation sensitive, the Authority has established the Long Term Growth Account toprovide for long-term asset growth in order to offset potential inflation. The Long Term Growth Account (Tactical) has beenimplemented to help manage the combination of extraordinary low interest rates and the intermediate risk of rates rising.

The performance objective for the Loss Payment Account is to equal the return on a benchmark index with characteristics (duration and sector allocation) similar to the characteristics of the Loss Payment Account.

The performance objective of the Long-Term Growth Account shall be to exceed the return on the benchmark index of five to ten year US Government securities over a market cycle.

The performance objective of the Long-Term Growth Account (Tactical) shall be to exceed the return on the benchmark index of the one to five year US Government securities over a market cycle.

In order to achieve these objectives, the portfolios invest in high quality fixed income securities consistent with the investmentpolicy and California Government Code.

7

Category Standard Comment Treasury Issues Max maturity: 5 years for the Loss Payment Account; 10 years for the Long Term Growth Account Complies

US Agencies Max maturity: 5 years for the Loss Payment Account; 10 years for the Long Term Growth Account Complies

Municipal Securities "A" long-term debt rated category or higher by a NRSRO; 30% maximum; 5% max per issuer;Max maturity: 5 years for Loss Payment Account; 10 years for Long Term Growth Account

Complies

Supranationals "AA" rated or higher by a NRSRO; 30% maximum; 10% max per issuer; Unsubordinated obligations issued by IBRD, IFC, or IADB; 5 years max maturity

Complies

Asset Backed/ Mortgage Backed/ Collateralized Mortgage Obligation "AA" rated category by a NRSRO; "A" issuer rated or higher by a NRSRO; 20% maximum combined; 5 years max maturity Complies

Banker’s Acceptances "A-1" or higher by a NRSRO; 40% maximum; 5% max per issuer; 180 days max maturity Complies

Commercial Paper"A-1" short-term rated or higher by a NRSRO; and A" rated category or higher by a NRSRO, if long term debt issued; 25% maximum; 5% max per issuer; 270 days max maturity; Issuer is corp organized and operating in the U.S. with assets in excess of $500 mill ion

Complies

Corporate Medium Term Notes"A" rated category or higher by a NRSRO; 30% maximum; 5% max per issuer; Issued by corporation organized and operating within U.S or by depository institutions l icensed by the US or any state and operating within the US; 5 years max maturity

Complies

Mutual Fund & Money Market Mutual Funds

Highest rating or "AAA" rated by two NRSROs; SEC registered adviser with AUM >$500 mill ion and experience > 5 years; 20% maximum in Mutual Funds and Money Market Mutual Funds; 10% max per one Mutual Fund; 20% max in Money Market Mutual Funds.

Complies

Time Deposits/ Certificates of Deposit 5% max per issuer; For FDIC Insured TDS, amount per institution is l imited to the max covered under FDIC; Collateralized for TDs in excess of maximum federal insurance; 3 years max maturity

Complies

Negotiable CDs "A" long-term debt rated or higher by a NRSRO; and or "A-1" short-term rated or higher by a NRSRO; 30% maximum; 5% max per issuer; 3 years max maturity

Complies

Local Agency Investment Fund (LAIF) 20% maximum Complies

Derivative Securities

5% per issuer in any single derivative security; 5 years max maturity; Includes investments permitted in the following types of derivatives only: a) Stripped Coupons and principal; b) Fixed coupon callable and putable securities; c) "Step-up" notes; d) Variable or floating rate notes, that are 1) Market based, 2) Other: float in the same direction as general level of interest rates, based on a rate that is not directly determined by the market (i .e. cost of funds), or that is pre-determined at the time of purchase. These are subject to some price volatil ity and offer value in certain interest rate environments; e) Asset-backed securities; f) Collateralized mortgage obligations (CMOs); and g) Mortgage pass-through securities issued by agencies of the Federal Government

Complies

ProhibitedInverse floaters; Ranges notes, Interest-only strips derived from a pool of mortgages; Zero interest accrual securities; Purchase or sale of securities in margin; Reverse Repurchase Agreements; Financial futures and options; Guaranteed Small Business Administration (SBA) notes

Complies

Max Per Issuer 5% per issuer (excluding US government, agencies, mortgage-backed, asset backed securities, and money market funds) Complies


The portfolio complies with state law and with the Client's investment policy, except as noted below.

Compliance

8

Compliance

Category Standard Comments

Modified Duration Approx. equal to duration of current claim liabil ities and operating expenses of the Authority Complies

Maximum Maturity 5 years Complies

% invested <1 year Enough for cashflow Complies


Modified Duration Approx. equal to duration consistent with long term growth and future l iabil ities of the Authority;Within 80 to 120% duration of the benchmark

Complies



Long Term Growth Account

Loss Payment Account

9

Portfolio Characteristics

CJPRMA - The Loss Payment Account

4/30/2019 1/31/2019 Benchmark* Portfolio Portfolio

Average Maturity (yrs) 0.91 1.16 0.47

Average Modified Duration 0.88 1.07 0.44

Average Purchase Yield n/a 2.25% 2.29%

Average Market Yield 2.37% 2.43% 2.44%

Average Quality** AAA AA/Aa1 AA/Aa1

Total Market Value 3,216,772 8,175,723

*0-3 yr Treasury **Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively.

Several securities were purchased across the Treasury, Agency and Asset Backed sectors to increase the maturity profile of the strategy to be more consistent with the benchmark. Three securities matured and one was sold to help facilitate the new holdings in the portfolio. Additionally, the market value of the portfolio contracted due to the cumulative $5 million in withdrawals during the reporting period which was allocated out of the LAIF balance.

As of April 30, 2019

10

CJPRMA - The Loss Payment AccountSector Distribution

ABS3.1%

Agency27.4%

Commercial Paper3.1%

LAIF10.6%Money Market

Fund FI0.2%

US Corporate18.8%

US Treasury36.7%

April 30, 2019 January 31, 2019

ABS0.5% Agency

10.8%

Commercial Paper1.2%

LAIF65.1%

Money Market Fund FI

0.1%

US Corporate7.4%

US Treasury14.9%


11

AAA AA A <A NR

04/30/19 2.1% 79.0% 7.2% 0.0% 11.8%

01/31/19 0.1% 31.4% 2.8% 0.0% 65.6%

Source: S&P Ratings

April 30, 2019 vs. January 31, 2019

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

AAA AA A <A NR

4/30/2019 1/31/2019

Quality DistributionCJPRMA - The Loss Payment Account


12

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+

April 30, 2019 January 31, 2019


0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+

04/30/19 20.9% 10.4% 26.9% 22.4% 19.5% 0.0% 0.0% 0.0%

01/31/19 69.1% 4.0% 9.4% 9.1% 8.4% 0.0% 0.0% 0.0%

CJPRMA - The Loss Payment AccountDuration Distribution As of April 30, 2019

13

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

12 months 2 years 3 years 5 years 10 years Since Inception

CJPRMA - The Loss Payment Account 0-3 yr Treasury*

Total Rate of Return Annualized Since Inception 08/31/1995

Annualized

TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since Inception

CJPRMA - The Loss Payment Account 0.79% 2.72% 1.83% 1.45% 1.08% 1.03% 3.42%

0-3 yr Treasury 0.74% 2.59% 1.59% 1.21% 0.91% 0.75% 3.03%

*1-5 Year Govt until 7/31/01; Then 0-3Year Treasuries

Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with theending value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.

Investment PerformanceCJPRMA - The Loss Payment Account


14


CJPRMA The Long Term Growth Account (Tactical)






Average Quality** AAA AA/Aa2 AA/Aa2


*ICE BAML 1-5 Yr US Treasury/Agency Index **Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively.

Multiple securities were purchases in the Treasury, Agency, Asset Backed and Corporate sectors to keep the portfolio positioned consistent with Chandler’s objectives for the strategy. Three securities were sold and one matured to fund the new holdings in the portfolio. Late in the reporting period trading activity was light in anticipation of a liquidity need from staff that has not yet materialized.


15

CJPRMA The Long Term Growth Account (Tactical)Sector Distribution

ABS5.8%

Agency30.6%

Foreign Corporate

3.3%


0.7%

Supranational9.0%

US Corporate26.4%

US Treasury24.2%

April 30, 2019 January 31, 2019

ABS5.2%

Agency30.7%

Foreign Corporate

2.3%


0.9%Supranational

9.0%

US Corporate27.5%

US Treasury24.3%


16

AAA AA A <A NR

04/30/19 8.2% 65.7% 17.4% 0.0% 8.7%

01/31/19 8.1% 68.9% 14.5% 0.0% 8.5%

Source: S&P Ratings


0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

AAA AA A <A NR

4/30/2019 1/31/2019

Quality DistributionCJPRMA The Long Term Growth Account (Tactical)


17

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+

CJPRMA The Long Term Growth Account (Tactical) ICE BAML 1-5 Yr US Treasury/Agency Index

Portfolio Compared to the Benchmark as of April 30, 2019

0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+

Portfolio 0.8% 5.3% 9.7% 26.9% 29.2% 22.1% 5.9% 0.0%

Benchmark* 0.2% 0.1% 1.9% 35.2% 27.8% 21.3% 13.6% 0.0%

*ICE BAML 1-5 Yr US Treasury/Agency Index

Duration DistributionCJPRMA The Long Term Growth Account (Tactical)


18

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%


CJPRMA The Long Term Growth Account (Tactical) ICE BAML 1-5 Yr US Treasury/Agency Index


Annualized


CJPRMA The Long Term Growth Account (Tactical) 1.10% 3.76% 1.70% 1.30% 1.48% N/A 1.55%

ICE BAML 1-5 Yr US Treasury/Agency Index 1.05% 3.66% 1.44% 1.04% 1.27% N/A 1.29%


Investment PerformanceCJPRMA The Long Term Growth Account (Tactical)


19


CJPRMA The Long Term Growth Account






Average Quality** AAA AA+/Aa1 AA+/Aa1


*ICE BAML 5-10 Yr US Treasury/Agency Index **Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively.

Multiple securities were purchases in the Treasury, Agency, Asset Backed and Corporate sectors to keep the portfolio positioned consistent with Chandler’s objectives for the strategy. Three securities were sold and one matured to fund the new holdings in the portfolio. Late in the reporting period trading activity was light in anticipation of a liquidity need from staff that has not yet materialized.


20

CJPRMA The Long Term Growth AccountSector Distribution

Agency43.3%

Foreign Corporate

1.4%Money Market Fund FI

1.9%

US Corporate14.3%

US Treasury39.1%

April 30, 2019 January 31, 2019

Agency45.5%

Foreign Corporate

1.3%


0.8%

US Corporate16.0%

US Treasury36.5%


21

AAA AA A <A NR

04/30/19 2.8% 86.5% 10.7% 0.0% 0.0%

01/31/19 1.7% 87.1% 11.2% 0.0% 0.0%

Source: S&P Ratings


0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

AAA AA A <A NR

4/30/2019 1/31/2019

Quality DistributionCJPRMA The Long Term Growth Account


22

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

0 - 0.5 0.5 - 1 1 - 2 2 - 3 3 - 5 5 - 7 7 - 10 10+

CJPRMA The Long Term Growth Account ICE BAML 5-10 Yr US Treasury/Agency Index

Portfolio Compared to the Benchmark as of April 30, 2019

0 - 0.5 0.5 - 1 1 - 2 2 - 3 3 - 5 5 - 7 7 - 10 10+

Portfolio 1.9% 3.8% 2.7% 3.7% 13.8% 36.3% 37.9% 0.0%

Benchmark* 0.0% 0.0% 0.0% 0.0% 13.6% 57.1% 29.3% 0.0%

*ICE BAML 5-10 Yr US Treasury/Agency Index

Duration DistributionCJPRMA The Long Term Growth Account


23

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%


CJPRMA The Long Term Growth Account ICE BAML 5-10 Yr US Treasury/Agency Index


Annualized


CJPRMA The Long Term Growth Account 1.90% 6.14% 2.19% 1.38% 2.68% 3.97% 5.75%

ICE BAML 5-10 Yr US Treasury/Agency Index 1.54% 6.11% 1.83% 0.95% 2.44% 3.33% 5.33%


Investment PerformanceCJPRMA The Long Term Growth Account


24

Issue Name Investment Type % Portfolio

Government of United States US Treasury 34.47%Federal Home Loan Bank Agency 19.16%Federal National Mortgage Association Agency 14.77%Federal Home Loan Mortgage Corp Agency 2.03%Tennessee Valley Authority Agency 1.76%IBM Corp US Corporate 1.65%HSBC Holdings PLC Foreign Corporate 1.57%US Bancorp US Corporate 1.54%ChevronTexaco Corp US Corporate 1.53%Fidelity Institutional Govt Money Market Fund Money Market Fund FI 1.42%Honda Motor Corporation US Corporate 1.34%Bank of New York US Corporate 1.33%Deere & Company US Corporate 1.31%Qualcomm Inc US Corporate 1.31%International Finance Corp Supranational 1.13%JP Morgan Chase & Co US Corporate 1.09%Apple Inc US Corporate 1.04%Microsoft US Corporate 1.03%Federal Farm Credit Bank Agency 0.89%Intl Bank Recon and Development Supranational 0.87%John Deere ABS ABS 0.83%Inter-American Dev Bank Supranational 0.73%Pepsico Inc US Corporate 0.71%Honda ABS ABS 0.68%Local Agency Investment Fund LAIF 0.59%Berkshire Hathaway US Corporate 0.52%PNC Financial Services Group US Corporate 0.45%State Street Bank US Corporate 0.44%Wells Fargo Corp US Corporate 0.43%Oracle Corp US Corporate 0.43%Exxon Mobil Corp US Corporate 0.43%Toyota ABS ABS 0.40%BlackRock Inc/New York US Corporate 0.37%Boeing Company US Corporate 0.34%Wal-Mart Stores US Corporate 0.32%Toronto Dominion Holdings Foreign Corporate 0.31%Bank of America Corp US Corporate 0.22%Toyota Motor Corp US Corporate 0.22%

IssuersCalifornia Joint Powers RMA Consolidated – Account #691


25

Issue Name Investment Type % Portfolio

MUFG Bank Ltd/NY Commercial Paper 0.17%Merck & Company US Corporate 0.16%

TOTAL 100.00%

IssuersCalifornia Joint Powers RMA Consolidated – Account #691


26

Important Disclosures

2019 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

Information contained herein is confidential. Prices are provided by IDC, an independent pricing source. In the event IDC does not provide a price or if the price provided is not reflective of fair marketvalue, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed inItem 5 of our Form ADV Part 2A.

Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment ofdividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategywill be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies,contributions or withdrawals may materially alter the performance and results of your portfolio.

Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or thededuction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.

Source ice Data Indices, LLC ("ICE"), used with permission. ICE permits use of the ICE indices and related data on an "as is" basis; ICE, its affiliates and their respective third party suppliers disclaim any andall warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data includedin, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or theindex data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use it at licensee's own risk. ICE data, its affiliates and theirrespective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.

This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to bereliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject tochange. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative offuture results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as asubstitute for the exercise of their own judgment.

Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that theborrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market ingeneral could decline due to economic conditions, especially during periods of rising interest rates.

Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.

Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full andtimely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.


27

Benchmark Disclosures

ICE BAML 1-5 Yr US Treasury/Agency Index

The ICE BAML 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifyingsecurities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than fiveyears remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule and a minimum amount outstanding of $1 billion for sovereigns and $250 million foragencies. (Index: GVA0. Please visit www.mlindex.ml.com for more information)

ICE BAML 5-10 Yr US Treasury/Agency Index

The ICE BAML 5-10 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifyingsecurities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least five years remaining term to final maturity and less than tenyears remaining term to final maturity, at least five years to maturity at time of issuance, a fixed coupon schedule and a minimum amount outstanding of $1 billion for sovereigns and $250 million foragencies. (Index: G6A0. Please visit www.mlindex.ml.com for more information)

0-3 yr Treasury*

The ICE BAML 0-3 Year US Treasury Index tracks the performance of US Dollar denominated Sovereign debt publically issued by the US government in its domestic market with maturities less than threeyears. Qualifying securities must have at least 18 months to maturity at point of issuance, at least one month and less than three years remaining term to final maturity, a fixed coupon schedule and aminimum amount outstanding of $1 billion. (Index: G1QA. Please visit www.mlindex.ml.com for more information)

The ICE BAML 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifyingsecurities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than fiveyears remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule and a minimum amount outstanding of $1 billion for sovereigns and $250 million foragencies. (Index: GVA0. Please visit www.mlindex.ml.com for more information)


28

MONTHLY ACCOUNT STATEMENT

California Joint Powers RMA Consolidated - Account #691

APRIL 1, 2019 THROUGH APRIL 30, 2019

Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures.

CHANDLER ASSET MANAGEMENTchandlerasset.com

Chandler Team:For questions about your account, please call (800) 317-4747,or contact [email protected]

CustodianBank of New York MellonLauren Dehner(904) 645-1918

ACCOUNT SUMMARYBeg. Values

as of 3/31/19End Values

as of 4/30/19

Market Value 57,292,661 57,247,784Accrued Interest 311,558 330,001Total Market Value 57,604,219 57,577,785Income Earned 124,222 117,438Cont/WDPar 57,507,612 57,597,914Book Value 57,111,711 57,205,433Cost Value 57,119,490 57,207,141

TOP ISSUERS

Government of United States 34.5%Federal Home Loan Bank 19.2%Federal National Mortgage Assoc 14.8%Federal Home Loan Mortgage Corp 2.0%Tennessee Valley Authority 1.8%IBM Corp 1.7%HSBC Holdings PLC 1.6%US Bancorp 1.5%

Total 76.9%

PORTFOLIO CHARACTERISTICS

Average Modified Duration 4.54

Average Coupon 2.31%

Average Purchase YTM 2.41%

Average Market YTM 2.51%

Average S&P/Moody Rating AA/Aa1

Average Final Maturity 5.02 yrs

Average Life 4.98 yrs

CREDIT QUALITY (S&P)MATURITY DISTRIBUTIONSECTOR ALLOCATION

Portfolio SummaryAs of April 30, 2019

California Joint Powers RMA Consolidated

Account #691

PERFORMANCE REVIEWAnnualized

TOTAL RATE OF RETURN 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS

Execution Time: 5/1/2019 6:15:15 PMChandler Asset Management - CONFIDENTIAL Page 1

Category Standard Comment Treasury Issues Max maturity: 5 years for the Loss Payment Account; 10 years for the Long Term Growth Account Complies

US Agencies Max maturity: 5 years for the Loss Payment Account; 10 years for the Long Term Growth Account Complies

Municipal Securities"A" long-term debt rated category or higher by a NRSRO; 30% maximum; 5% max per issuer;Max maturity: 5 years for Loss Payment Account; 10 years for Long Term Growth Account

Complies

Supranationals"AA" rated or higher by a NRSRO; 30% maximum; 10% max per issuer; Unsubordinated obligations issued by IBRD, IFC, or IADB; 5 years max maturity

Complies

Asset Backed/ Mortgage Backed/ Collateralized Mortgage Obligation

"AA" rated category by a NRSRO; "A" issuer rated or higher by a NRSRO; 20% maximum combined; 5 years max maturity Complies

Banker’s Acceptances "A-1" or higher by a NRSRO; 40% maximum; 5% max per issuer; 180 days max maturity Complies

Commercial Paper"A-1" short-term rated or higher by a NRSRO; and A" rated category or higher by a NRSRO, if long term debt issued; 25% maximum; 5% max per issuer; 270 days max maturity; Issuer is corp organized and operating in the U.S. with assets in excess of $500 million

Complies

Corporate Medium Term Notes"A" rated category or higher by a NRSRO; 30% maximum; 5% max per issuer; Issued by corporation organized and operating within U.S or by depository institutions licensed by the US or any state and operating within the US; 5 years max maturity

Complies

Mutual Fund & Money Market Mutual Funds

Highest rating or "AAA" rated by two NRSROs; SEC registered adviser with AUM >$500 million and experience > 5 years; 20% maximum in Mutual Funds and Money Market Mutual Funds; 10% max per one Mutual Fund; 20% max in Money Market Mutual Funds.

Complies

Time Deposits/ Certificates of Deposit5% max per issuer; For FDIC Insured TDS, amount per institution is limited to the max covered under FDIC; Collateralized for TDs in excess of maximum federal insurance; 3 years max maturity

Complies

Negotiable CDs"A" long-term debt rated or higher by a NRSRO; and or "A-1" short-term rated or higher by a NRSRO; 30% maximum; 5% max per issuer; 3 years max maturity

Complies

Local Agency Investment Fund (LAIF) 20% maximum Complies

Derivative Securities

5% per issuer in any single derivative security; 5 years max maturity; Includes investments permitted in the following types of derivatives only: a) Stripped Coupons and principal; b) Fixed coupon callable and putable securities; c) "Step-up" notes; d) Variable or floating rate notes, that are 1) Market based, 2) Other: float in the same direction as general level of interest rates, based on a rate that is not directly determined by the market (i.e. cost of funds), or that is pre-determined at the time of purchase. These are subject to some price volatility and offer value in certain interest rate environments; e) Asset-backed securities; f) Collateralized mortgage obligations (CMOs); and g) Mortgage pass-through securities issued by agencies of the Federal Government

Complies

ProhibitedInverse floaters; Ranges notes, Interest-only strips derived from a pool of mortgages; Zero interest accrual securities; Purchase or sale of securities in margin; Reverse Repurchase Agreements; Financial futures and options; Guaranteed Small Business Administration (SBA) notes

Complies

Max Per Issuer 5% per issuer (excluding US government, agencies, mortgage-backed, asset backed securities, and money market funds) Complies


The portfolio complies with state law and with the Client's investment policy, except as noted below.

Statement of ComplianceAs of April 30, 2019


Modified Duration Approx. equal to duration of current claim liabilities and operating expenses of the Authority Complies


% invested <1 year Enough for cashflow Complies


Modified DurationApprox. equal to duration consistent with long term growth and future liabilities of the Authority;Within 80 to 120% duration of the benchmark

Complies



Long Term Growth Account

Loss Payment Account

Statement of ComplianceAs of April 30, 2019

Holdings ReportAs of April 30, 2019


Account #691

CUSIP Security Description Par Value/Units Purchase DateBook Yield

Cost ValueBook Value

Mkt PriceMkt YTM

Market ValueAccrued Int.

% of Port.Gain/Loss

Moody/S&P Fitch

MaturityDuration

ABS

43814PAB6 Honda Auto Receivables Owner T 17-3 A21.57% Due 1/21/2020

582.52 09/25/20171.58%

582.47582.50

99.962.64%

582.260.33

0.00%(0.24)

NR / AAAAAA

0.730.04

47788MAC4 John Deere Owner Trust 2016-A A31.36% Due 4/15/2020

540.88 02/23/20161.37%

540.80540.86

99.943.31%

540.530.33

0.00%(0.33)

Aaa / NRAAA

0.960.03

43814QAC2 Honda Auto Receivables 2016-2 A31.39% Due 4/15/2020

16,409.33 05/24/20161.40%

16,409.0116,409.25

99.892.75%

16,390.5110.14

0.03%(18.74)

Aaa / NRAAA

0.960.08

89238BAB8 Toyota Auto Receivables Owner 2018-A A2A2.1% Due 10/15/2020

171,807.36 01/23/20182.12%

171,789.81171,797.89

99.852.67%

171,555.12160.35

0.30%(242.77)

Aaa / AAANR

1.460.26

43814WAB1 HAROT 2019-1 A22.75% Due 9/20/2021

150,000.00 02/19/20192.77%

149,990.34149,990.99

100.132.64%

150,187.65148.96

0.26%196.66

NR / AAAAAA

2.391.03

47788BAD6 John Deere Owner Trust 2017-B A31.82% Due 10/15/2021

9,747.75 07/11/20171.83%

9,747.049,747.34

99.472.64%

9,696.067.88

0.02%(51.28)

Aaa / NRAAA

2.460.65

47788BAD6 John Deere Owner Trust 2017-B A31.82% Due 10/15/2021

58,486.52 07/11/20171.83%

58,482.2458,484.04

99.472.64%

58,176.4147.31

0.10%(307.63)

Aaa / NRAAA

2.460.65

89239AAB9 Toyota Auto Receivables 2019-A A2A2.83% Due 10/15/2021

60,000.00 02/05/20192.85%

59,994.5559,994.98

100.172.65%

60,103.5675.47

0.10%108.58

Aaa / AAANR

2.460.90

47789JAB2 John Deere Owner Trust 2019-A A22.85% Due 12/15/2021

110,000.00 03/05/20192.87%

109,994.98109,995.22

100.222.64%

110,241.01139.33

0.19%245.79

Aaa / NRAAA

2.630.97

47788CAC6 John Deere Owner Trust 2016-B A42.66% Due 4/18/2022

95,000.00 02/21/20182.68%

94,993.1794,995.10

100.012.67%

95,006.08112.31

0.17%10.98

Aaa / NRAAA

2.971.13

47788CAC6 John Deere Owner Trust 2016-B A42.66% Due 4/18/2022

30,000.00 02/21/20182.68%

29,997.8429,998.45

100.012.67%

30,001.9235.47

0.05%3.47

Aaa / NRAAA

2.971.13

43814UAG4 Honda Auto Receivables 2018-2 A33.01% Due 5/18/2022

80,000.00 05/22/20183.03%

79,998.2679,998.66

100.752.54%

80,602.0886.96

0.14%603.42

NR / AAAAAA

3.051.52

43815HAC1 Honda Auto Receivables Owner 2018-3 A32.95% Due 8/22/2022

145,000.00 08/21/20182.98%

144,980.11144,983.47

100.642.56%

145,935.11118.82

0.25%951.64

Aaa / NRAAA

3.321.59




Account #691



Mkt PriceMkt YTM


% of Port.Gain/Loss

Moody/S&P Fitch

MaturityDuration

ABS

47788EAC2 John Deere Owner Trust 2018-B A33.08% Due 11/15/2022

170,000.00 07/18/20183.10%

169,987.11169,989.40

100.732.64%

171,247.29232.71

0.30%1,257.89

Aaa / NRAAA

3.551.60

Total ABS 1,097,574.36 2.69%1,097,487.731,097,508.15 2.63%

1,100,265.591,176.37

1.91%2,757.44

Aaa / AAAAAA

2.671.07

AGENCY

3137EADG1 FHLMC Note1.75% Due 5/30/2019

100,000.00 12/14/20161.37%

100,921.00100,029.81

99.952.39%

99,945.30734.03

0.17%(84.51)

Aaa / AA+AAA

0.080.08

3135G0N33 FNMA Note0.875% Due 8/2/2019

100,000.00 08/28/20171.41%

98,996.0099,867.18

99.592.48%

99,589.90216.32

0.17%(277.28)

Aaa / AA+AAA

0.260.25

3130AA3R7 FHLB Note1.375% Due 11/15/2019

150,000.00 08/28/20171.44%

149,784.00149,947.07

99.452.40%

149,180.40951.04

0.26%(766.67)

Aaa / AA+AAA

0.550.53

31331JAQ6 FFCB Note4.25% Due 1/6/2020

500,000.00 08/30/20112.35%

571,695.00505,876.64

101.262.37%

506,316.506,788.19

0.89%439.86

Aaa / AA+AAA

0.690.67

3137EAEF2 FHLMC Note1.375% Due 4/20/2020

140,000.00 09/21/20171.60%

139,204.80139,700.00

99.022.40%

138,629.9658.82

0.24%(1,070.04)

Aaa / AA+AAA

0.980.96

313383HU8 FHLB Note1.75% Due 6/12/2020

500,000.00 10/08/20151.46%

506,510.00501,555.08

99.322.37%

496,606.003,378.47

0.87%(4,949.08)

Aaa / AA+NR

1.121.09

313383HU8 FHLB Note1.75% Due 6/12/2020

150,000.00 10/25/20171.74%

150,054.00150,022.95

99.322.37%

148,981.801,013.54

0.26%(1,041.15)

Aaa / AA+NR

1.121.09

3137EAEK1 FHLMC Note1.875% Due 11/17/2020

425,000.00 11/28/20171.91%

424,528.25424,753.68

99.342.31%

422,195.433,630.21

0.74%(2,558.25)

Aaa / AA+AAA

1.551.50

3135G0F73 FNMA Note1.5% Due 11/30/2020

500,000.00 12/04/20151.87%

491,150.00497,184.53

98.712.34%

493,542.003,145.83

0.86%(3,642.53)

Aaa / AA+AAA

1.591.54

3130A7CV5 FHLB Note1.375% Due 2/18/2021

300,000.00 06/28/20161.10%

303,717.00301,445.13

98.352.32%

295,040.70836.46

0.51%(6,404.43)

Aaa / AA+AAA

1.811.76

3135G0J20 FNMA Note1.375% Due 2/26/2021

250,000.00 06/29/20161.11%

253,002.50251,176.66

98.332.32%

245,817.50620.66

0.43%(5,359.16)

Aaa / AA+AAA

1.831.78

3135G0U27 FNMA Note2.5% Due 4/13/2021

110,000.00 11/29/20182.89%

109,012.20109,185.78

100.342.32%

110,375.54137.50

0.19%1,189.76

Aaa / AA+AAA

1.961.89




Account #691



Mkt PriceMkt YTM


% of Port.Gain/Loss

Moody/S&P Fitch

MaturityDuration

AGENCY

313379RB7 FHLB Note1.875% Due 6/11/2021

300,000.00 08/30/20171.67%

302,262.00301,265.41

99.032.35%

297,082.202,187.50

0.52%(4,183.21)

Aaa / AA+AAA

2.122.04

3130A8QS5 FHLB Note1.125% Due 7/14/2021

250,000.00 07/25/20161.28%

248,147.50249,177.91

97.442.32%

243,591.75835.94

0.42%(5,586.16)

Aaa / AA+AAA

2.212.15

3137EAEC9 FHLMC Note1.125% Due 8/12/2021

250,000.00 09/20/20161.37%

247,087.50248,639.96

97.432.29%

243,581.50617.19

0.42%(5,058.46)

Aaa / AA+AAA

2.292.23

3135G0Q89 FNMA Note1.375% Due 10/7/2021

200,000.00 10/06/20161.45%

199,292.40199,655.11

97.742.33%

195,484.20183.33

0.34%(4,170.91)

Aaa / AA+AAA

2.442.37

3130A0EN6 FHLB Note2.875% Due 12/10/2021

130,000.00 01/17/20192.65%

130,816.40130,736.85

101.302.36%

131,694.811,463.85

0.23%957.96

Aaa / AA+NR

2.622.48

313378CR0 FHLB Note2.25% Due 3/11/2022

250,000.00 06/19/20171.86%

254,410.00252,671.57

99.842.31%

249,599.50781.25

0.43%(3,072.07)

Aaa / AA+NR

2.872.75

3135G0T45 FNMA Note1.875% Due 4/5/2022

500,000.00 05/05/20171.99%

497,250.00498,358.90

98.772.31%

493,857.50677.08

0.86%(4,501.40)

Aaa / AA+AAA

2.932.83

313383QR5 FHLB Note3.25% Due 6/9/2023

250,000.00 08/28/20182.87%

254,167.50253,582.38

103.492.35%

258,725.503,204.86

0.45%5,143.12

Aaa / AA+NR

4.113.79

3137EAEN5 FHLMC Note2.75% Due 6/19/2023

250,000.00 08/28/20182.85%

248,865.00249,023.45

101.682.32%

254,210.252,520.83

0.45%5,186.80

Aaa / AA+AAA

4.143.86

313383YJ4 FHLB Note3.375% Due 9/8/2023

250,000.00 11/29/20183.01%

254,042.50253,689.97

104.112.38%

260,269.251,242.19

0.45%6,579.28

Aaa / AA+NR

4.364.03

3130A0F70 FHLB Note3.375% Due 12/8/2023

325,000.00 Various2.75%

334,157.25333,622.45

104.412.36%

339,320.804,357.03

0.60%5,698.35

Aaa / AA+AAA

4.614.21

3135G0ZR7 FNMA Note2.625% Due 9/6/2024

2,000,000.00 Various2.46%

2,027,110.002,015,193.84

101.342.36%

2,026,772.008,020.84

3.53%11,578.16

Aaa / AA+AAA

5.364.95

3130A2UW4 FHLB Note2.875% Due 9/13/2024

1,000,000.00 10/08/20152.46%

1,032,750.001,019,698.19

102.332.41%

1,023,339.003,833.33

1.78%3,640.81

Aaa / AA+AAA

5.384.94

3135G0K36 FNMA Note2.125% Due 4/24/2026

2,500,000.00 Various2.04%

2,518,124.002,513,090.48

97.412.53%

2,435,322.501,032.98

4.23%(77,767.98)

Aaa / AA+AAA

6.996.44

3130A2VE3 FHLB Note3% Due 9/11/2026

1,000,000.00 03/07/20172.95%

1,004,200.001,003,252.16

101.922.71%

1,019,151.004,166.67

1.78%15,898.84

Aaa / AA+NR

7.376.56

3135G0Q22 FNMA Note1.875% Due 9/24/2026

2,500,000.00 Various2.24%

2,418,885.002,439,213.00

95.352.57%

2,383,790.004,817.71

4.15%(55,423.00)

Aaa / AA+AAA

7.416.83




Account #691



Mkt PriceMkt YTM


% of Port.Gain/Loss

Moody/S&P Fitch

MaturityDuration

AGENCY

880591EU2 Tennessee Valley Authority Note2.875% Due 2/1/2027

1,000,000.00 11/06/20183.50%

955,750.00958,324.38

100.902.74%

1,009,021.007,187.50

1.76%50,696.62

Aaa / AA+AAA

7.766.87

3130A3VD3 FHLB Note2.625% Due 6/11/2027

1,500,000.00 08/15/20172.58%

1,506,180.001,505,106.34

98.682.81%

1,480,216.5015,312.50

2.60%(24,889.84)

Aaa / AA+NR

8.127.18

3130ACKB9 FHLB Note2.625% Due 9/10/2027

1,000,000.00 11/20/20172.68%

995,020.00995,751.70

99.162.74%

991,564.003,718.75

1.73%(4,187.70)

Aaa / AA+NR

8.377.43

313381FD2 FHLB Note2.5% Due 12/10/2027

1,250,000.00 05/17/20183.36%

1,163,050.001,171,712.64

98.182.74%

1,227,241.2512,239.58

2.15%55,528.61

Aaa / AA+AAA

8.627.61

3130AEB25 FHLB Note3.25% Due 6/9/2028

2,250,000.00 Various3.38%

2,225,912.502,227,133.02

103.672.79%

2,332,581.7528,843.75

4.10%105,448.73

Aaa / AA+NR

9.127.78

Total Agency 22,180,000.00 2.46%22,116,054.3022,049,644.22 2.55%

22,102,637.29128,755.73

38.61%52,993.07

Aaa / AA+AAA

5.985.38

COMMERCIAL PAPER

62479MTL7 MUFG Bank Ltd/NY Discount CP2.6% Due 6/20/2019

100,000.00 02/19/20192.66%

99,133.3399,133.33

99.132.66%

99,133.33505.56

0.17%0.00

P-1 / A-1NR

0.140.14

Total Commercial Paper 100,000.00 2.66%99,133.3399,133.33 2.66%

99,133.33505.56

0.17%0.00

Aaa / AANR

0.140.14

FOREIGN CORPORATE

404280BF5 HSBC Holdings PLC Note2.65% Due 1/5/2022

400,000.00 01/12/20182.89%

396,352.00397,532.75

99.322.92%

397,271.603,415.56

0.70%(261.15)

A2 / AAA-

2.692.55

404280BF5 HSBC Holdings PLC Note2.65% Due 1/5/2022

500,000.00 01/12/20182.89%

495,440.00496,915.94

99.322.92%

496,589.504,269.44

0.87%(326.44)

A2 / AAA-

2.692.55

89114QCB2 Toronto Dominion Bank Note3.25% Due 3/11/2024

175,000.00 03/26/20192.95%

177,376.50177,331.86

101.492.92%

177,603.13789.93

0.31%271.27

Aa3 / AAA-

4.874.46

Total Foreign Corporate 1,075,000.00 2.90%1,069,168.501,071,780.55 2.92%

1,071,464.238,474.93

1.88%(316.32)

A2 / AAA-

3.052.86




Account #691



Mkt PriceMkt YTM


% of Port.Gain/Loss

Moody/S&P Fitch

MaturityDuration

LAIF

90LAIF$00 Local Agency Investment Fund State Pool

339,822.07 Various2.45%

339,822.07339,822.07

1.002.45%

339,822.07671.86

0.59%0.00

NR / NRNR

0.000.00

Total LAIF 339,822.07 2.45%339,822.07339,822.07 2.45%

339,822.07671.86

0.59%0.00

NR / NRNR

0.000.00

MONEY MARKET FUND FI

316175603 Fidelity Institutional Government MMKT Fund #657

6,438.93 04/30/20192.05%

6,438.936,438.93

1.002.05%

6,438.930.00

0.01%0.00

Aaa / AAANR

0.000.00


126,234.61 Various2.05%

126,234.61126,234.61

1.002.05%

126,234.610.00

0.22%0.00

Aaa / AAANR

0.000.00


684,844.11 Various2.05%

684,844.11684,844.11

1.002.05%

684,844.110.00

1.19%0.00

Aaa / AAANR

0.000.00

Total Money Market Fund FI 817,517.65 2.05%817,517.65817,517.65 2.05%

817,517.650.00

1.42%0.00

Aaa / AAANR

0.000.00

SUPRANATIONAL

45950KCM0 International Finance Corp Note2.25% Due 1/25/2021

210,000.00 01/18/20182.35%

209,382.60209,642.29

99.772.38%

209,523.301,260.00

0.37%(118.99)

Aaa / AAANR

1.741.68

45950KCJ7 International Finance Corp Note1.125% Due 7/20/2021

450,000.00 11/09/20161.64%

439,488.00445,023.22

97.382.34%

438,202.351,420.31

0.76%(6,820.87)

Aaa / AAANR

2.222.17

459058FY4 Intl. Bank Recon & Development Note2% Due 1/26/2022

500,000.00 Various1.99%

500,317.50500,131.47

99.192.31%

495,945.002,638.88

0.87%(4,186.47)

Aaa / NRAAA

2.752.63

4581X0CZ9 Inter-American Dev Bank Note1.75% Due 9/14/2022

425,000.00 11/28/20172.18%

416,784.75419,213.16

98.122.33%

417,007.03971.01

0.73%(2,206.13)

NR / NRAAA

3.383.24

Total Supranational 1,585,000.00 1.99%1,565,972.851,574,010.14 2.33%

1,560,677.686,290.20

2.72%(13,332.46)

Aaa / AAAAAA

2.632.54




Account #691



Mkt PriceMkt YTM


% of Port.Gain/Loss

Moody/S&P Fitch

MaturityDuration

US CORPORATE

89236TBP9 Toyota Motor Credit Corp Note2.125% Due 7/18/2019

125,000.00 01/10/20171.88%

125,738.75125,062.91

99.902.56%

124,877.63759.98

0.22%(185.28)

Aa3 / AA-A+

0.220.22

02665WAH4 American Honda Finance Note2.25% Due 8/15/2019

250,000.00 04/07/20151.80%

254,692.50250,313.23

99.902.59%

249,743.001,187.50

0.44%(570.23)

A2 / ANR

0.290.29

06406HCW7 Bank of New York Callable Note Cont 8/11/20192.3% Due 9/11/2019

250,000.00 04/22/20151.83%

254,907.50250,408.45

99.912.55%

249,768.75798.61

0.44%(639.70)

A1 / AAA-

0.370.36

68389XAX3 Oracle Corp Note2.25% Due 10/8/2019

250,000.00 04/22/20151.70%

255,832.50250,574.28

99.812.68%

249,525.75359.38

0.43%(1,048.53)

A1 / AA-A

0.440.43

166764AN0 Chevron Corp Callable Note Cont 10/15/20192.193% Due 11/15/2019

500,000.00 11/19/20142.17%

500,650.00500,070.83

99.802.57%

498,984.505,056.08

0.88%(1,086.33)

Aa2 / AANR

0.550.53

166764AN0 Chevron Corp Callable Note Cont 10/15/20192.193% Due 11/15/2019

250,000.00 11/19/20142.17%

250,325.00250,035.42

99.802.57%

249,492.252,528.04

0.44%(543.17)

Aa2 / AANR

0.550.53

46625HKA7 JP Morgan Chase Callable Note Cont 12/23/20192.25% Due 1/23/2020

500,000.00 02/06/20152.30%

498,720.00499,810.87

99.702.67%

498,476.003,062.50

0.87%(1,334.87)

A2 / A-AA-

0.730.72

46625HKA7 JP Morgan Chase Callable Note Cont 12/23/20192.25% Due 1/23/2020

125,000.00 08/14/20171.92%

125,977.50125,293.58

99.702.67%

124,619.00765.63

0.22%(674.58)

A2 / A-AA-

0.730.72

94974BGF1 Wells Fargo Corp Note2.15% Due 1/30/2020

250,000.00 02/10/20152.20%

249,437.50249,914.94

99.602.69%

248,996.501,358.68

0.43%(918.44)

A2 / A-A+

0.750.73

166764AR1 Chevron Corp Callable Note Cont 2/3/20201.961% Due 3/3/2020

125,000.00 12/13/20172.07%

124,707.50124,889.00

99.452.62%

124,317.63394.92

0.22%(571.37)

Aa2 / AANR

0.840.83

713448CS5 PepsiCo Inc Callable Note Cont 3/30/20201.85% Due 4/30/2020

410,000.00 04/27/20151.86%

409,766.30409,953.31

99.362.50%

407,372.3121.07

0.71%(2,581.00)

A1 / A+A

1.000.98

747525AD5 Qualcomm Inc Note2.25% Due 5/20/2020

500,000.00 05/19/20152.27%

499,518.60499,898.45

99.522.72%

497,587.005,031.26

0.87%(2,311.45)

A2 / A-NR

1.061.02

747525AD5 Qualcomm Inc Note2.25% Due 5/20/2020

250,000.00 05/19/20152.26%

249,848.60249,968.06

99.522.72%

248,793.502,515.63

0.44%(1,174.56)

A2 / A-NR

1.061.02

459200JF9 IBM Corp Note2.25% Due 2/19/2021

105,000.00 05/07/20183.00%

102,925.20103,653.52

99.262.67%

104,223.21472.50

0.18%569.69

A1 / AA

1.811.75




Account #691



Mkt PriceMkt YTM


% of Port.Gain/Loss

Moody/S&P Fitch

MaturityDuration

US CORPORATE

037833BS8 Apple Inc Callable Note Cont 1/23/20212.25% Due 2/23/2021

500,000.00 03/23/20161.95%

506,980.00502,586.34

99.602.48%

497,990.002,125.00

0.87%(4,596.34)

Aa1 / AA+NR

1.821.76

30231GAV4 Exxon Mobil Corp Callable Note Cont 2/1/20212.222% Due 3/1/2021

250,000.00 05/23/20161.96%

252,960.00251,139.77

99.432.54%

248,584.00925.83

0.43%(2,555.77)

Aaa / AA+NR

1.841.78

084670BQ0 Berkshire Hathaway Callable Note Cont 2/15/20212.2% Due 3/15/2021

125,000.00 02/06/20172.10%

125,465.00125,212.75

99.552.45%

124,436.00351.39

0.22%(776.75)

Aa2 / AAA+

1.881.78

857477AV5 State Street Bank Note1.95% Due 5/19/2021

255,000.00 05/16/20161.96%

254,867.40254,945.61

98.642.64%

251,527.922,237.63

0.44%(3,417.69)

A1 / AAA-

2.051.98

09247XAH4 Blackrock Inc Note4.25% Due 5/24/2021

200,000.00 03/30/20172.43%

214,238.00207,104.87

103.352.58%

206,694.203,706.94

0.37%(410.67)

Aa3 / AA-NR

2.071.94

594918BP8 Microsoft Callable Note Cont 7/8/211.55% Due 8/8/2021

250,000.00 Various1.58%

249,691.90249,859.95

97.852.53%

244,633.76893.40

0.43%(5,226.19)

Aaa / AAAAA+

2.282.21

594918BP8 Microsoft Callable Note Cont 7/8/211.55% Due 8/8/2021

355,000.00 Various1.57%

354,579.25354,808.75

97.852.53%

347,379.931,268.63

0.61%(7,428.82)

Aaa / AAAAA+

2.282.21

24422ETL3 John Deere Capital Corp Note2.65% Due 1/6/2022

500,000.00 01/06/20172.57%

501,790.00500,964.30

100.192.58%

500,947.004,232.64

0.88%(17.30)

A2 / AA

2.692.55

037833CQ1 Apple Inc Callable Note Cont 4/11/222.3% Due 5/11/2022

100,000.00 08/28/20172.14%

100,707.00100,456.21

99.242.56%

99,235.501,086.11

0.17%(1,220.71)

Aa1 / AA+NR

3.032.88

44932HAC7 IBM Credit Corp Note2.2% Due 9/8/2022

500,000.00 11/29/20172.58%

491,540.00494,045.95

98.162.78%

490,786.501,619.44

0.86%(3,259.45)

A1 / AA

3.363.20

24422EUA5 John Deere Capital Corp Note2.7% Due 1/6/2023

250,000.00 03/08/20183.20%

244,477.50245,778.94

99.862.74%

249,650.002,156.25

0.44%3,871.06

A2 / AA

3.693.45

90331HNL3 US Bank NA Callable Note Cont 12/23/222.85% Due 1/23/2023

500,000.00 02/07/20182.97%

497,320.00497,980.74

100.402.73%

501,985.503,879.17

0.88%4,004.76

A1 / AA-AA-

3.743.42

90331HNL3 US Bank NA Callable Note Cont 12/23/222.85% Due 1/23/2023

375,000.00 02/07/20182.97%

372,990.00373,485.56

100.402.73%

376,489.132,909.38

0.66%3,003.57

A1 / AA-AA-

3.743.42

44932HAH6 IBM Credit Corp Note3% Due 2/6/2023

350,000.00 02/26/20183.09%

348,484.50348,843.21

100.452.87%

351,586.202,479.17

0.61%2,742.99

A1 / AA

3.783.52




Account #691



Mkt PriceMkt YTM


% of Port.Gain/Loss

Moody/S&P Fitch

MaturityDuration

US CORPORATE

084670BR8 Berkshire Hathaway Callable Note Cont 1/15/20232.75% Due 3/15/2023

175,000.00 12/17/20183.42%

170,371.25170,769.20

100.272.67%

175,470.05614.93

0.31%4,700.85

Aa2 / AAA+

3.883.60

06406RAG2 Bank of NY Mellon Corp Note3.5% Due 4/28/2023

500,000.00 06/26/20183.49%

500,225.00500,185.86

102.542.82%

512,693.00145.83

0.89%12,507.14

A1 / AAA-

4.003.71

58933YAF2 Merck & Co Note2.8% Due 5/18/2023

93,000.00 10/26/20183.41%

90,611.7690,874.88

100.712.61%

93,664.761,179.03

0.16%2,789.88

A1 / AAA+

4.053.76

69353RFL7 PNC Bank Callable Note Cont 5/9/20233.5% Due 6/8/2023

250,000.00 06/05/20183.53%

249,715.00249,766.04

102.602.81%

256,509.753,475.69

0.45%6,743.71

A2 / ANR

4.113.69

097023BQ7 Boeing Co Callable Note Cont 4/15/20231.875% Due 6/15/2023

200,000.00 02/13/20192.98%

191,114.00191,535.54

95.922.93%

191,849.401,416.67

0.34%313.86

A2 / AA

4.133.90

931142EK5 Wal-Mart Stores Callable Note Cont 5/26/20233.4% Due 6/26/2023

180,000.00 Various3.41%

179,953.20179,961.10

102.742.68%

184,938.482,125.00

0.32%4,977.38

Aa2 / AAAA

4.163.75

02665WCJ8 American Honda Finance Note3.45% Due 7/14/2023

500,000.00 07/19/20183.44%

500,225.00500,190.08

102.732.76%

513,671.505,127.08

0.90%13,481.42

A2 / ANR

4.213.86

06051GHF9 Bank of America Corp Callable Note 1X 3/5/20233.55% Due 3/5/2024

125,000.00 03/28/20193.17%

127,131.25127,092.24

101.463.14%

126,820.50690.28

0.22%(271.74)

A2 / A-A+

4.853.56

Total US Corporate 10,423,000.00 2.49%10,428,484.4610,407,434.74 2.67%

10,424,320.1168,957.27

18.22%16,885.37

A1 / A+A+

2.312.16

US TREASURY

912828F39 US Treasury Note1.75% Due 9/30/2019

125,000.00 02/27/20182.18%

124,174.80124,783.37

99.702.46%

124,628.88185.28

0.22%(154.49)

Aaa / AA+AAA

0.420.41


110,000.00 10/02/20182.67%

108,637.89109,365.74

99.532.45%

109,484.324.48

0.19%118.58

Aaa / AA+AAA

0.500.49

912828G61 US Treasury Note1.5% Due 11/30/2019

250,000.00 09/29/20151.24%

252,666.86250,373.22

99.452.46%

248,613.251,565.93

0.43%(1,759.97)

Aaa / AA+AAA

0.590.57

912828U73 US Treasury Note1.375% Due 12/15/2019

105,000.00 10/02/20182.70%

103,367.58104,150.25

99.342.44%

104,306.79543.39

0.18%156.54

Aaa / AA+AAA

0.630.62

912828H52 US Treasury Note1.25% Due 1/31/2020

250,000.00 02/10/20151.51%

246,875.84249,526.64

99.122.44%

247,793.00776.93

0.43%(1,733.64)

Aaa / AA+AAA

0.760.74




Account #691



Mkt PriceMkt YTM


% of Port.Gain/Loss

Moody/S&P Fitch

MaturityDuration

US TREASURY

9128283S7 US Treasury Note2% Due 1/31/2020

150,000.00 06/14/20182.53%

148,734.38149,415.05

99.682.43%

149,519.55745.86

0.26%104.50

Aaa / AA+AAA

0.760.74

912828XE5 US Treasury Note1.5% Due 5/31/2020

200,000.00 07/16/20151.67%

198,430.36199,650.80

99.052.39%

198,101.601,252.75

0.35%(1,549.20)

Aaa / AA+AAA

1.091.06

912828XM7 US Treasury Note1.625% Due 7/31/2020

300,000.00 09/08/20151.52%

301,524.44300,389.85

99.102.36%

297,304.801,212.02

0.52%(3,085.05)

Aaa / AA+AAA

1.251.23

912828VZ0 US Treasury Note2% Due 9/30/2020

100,000.00 03/29/20182.37%

99,109.3799,494.14

99.532.34%

99,531.20169.40

0.17%37.06

Aaa / AA+AAA

1.421.39

912828L99 US Treasury Note1.375% Due 10/31/2020

200,000.00 12/30/20151.80%

196,055.36198,773.72

98.612.32%

197,226.607.47

0.34%(1,547.12)

Aaa / AA+AAA

1.511.47

912828N89 US Treasury Note1.375% Due 1/31/2021

200,000.00 03/15/20161.49%

198,883.48199,598.38

98.402.31%

196,804.60683.70

0.34%(2,793.78)

Aaa / AA+AAA

1.761.71

912828B58 US Treasury Note2.125% Due 1/31/2021

100,000.00 04/30/20182.62%

98,703.1299,173.66

99.682.31%

99,683.60528.31

0.17%509.94

Aaa / AA+AAA

1.761.70

912828WY2 US Treasury Note2.25% Due 7/31/2021

170,000.00 01/30/20182.35%

169,428.91169,632.39

99.972.26%

169,946.96950.97

0.30%314.57

Aaa / AA+AAA

2.252.17

912828T34 US Treasury Note1.125% Due 9/30/2021

300,000.00 Various1.88%

289,661.16294,799.34

97.412.23%

292,230.60285.86

0.51%(2,568.74)

Aaa / AA+AAA

2.422.36


170,000.00 04/29/20192.27%

169,402.34169,403.02

99.702.25%

169,495.27305.98

0.29%92.25

Aaa / AA+AAA

2.422.34

912828T67 US Treasury Note1.25% Due 10/31/2021

300,000.00 12/13/20161.92%

290,743.19295,252.12

97.572.25%

292,722.6010.19

0.51%(2,529.52)

Aaa / AA+AAA

2.512.44

9128285V8 US Treasury Note2.5% Due 1/15/2022

150,000.00 01/30/20192.56%

149,748.05149,769.05

100.642.25%

150,960.901,098.07

0.26%1,191.85

Aaa / AA+AAA

2.722.59


300,000.00 02/27/20171.84%

300,481.48300,269.39

99.002.25%

296,988.301,398.48

0.52%(3,281.09)

Aaa / AA+AAA

2.762.65

912828J76 US Treasury Note1.75% Due 3/31/2022

250,000.00 04/25/20171.85%

248,819.19249,301.35

98.622.24%

246,552.75370.56

0.43%(2,748.60)

Aaa / AA+AAA

2.922.82

912828WZ9 US Treasury Note1.75% Due 4/30/2022

250,000.00 05/23/20171.84%

248,994.98249,389.29

98.562.25%

246,406.2511.95

0.43%(2,983.04)

Aaa / AA+AAA

3.002.90

912828XR6 US Treasury Note1.75% Due 5/31/2022

300,000.00 06/28/20171.81%

299,204.13299,501.31

98.522.25%

295,546.802,192.31

0.52%(3,954.51)

Aaa / AA+AAA

3.092.96




Account #691



Mkt PriceMkt YTM


% of Port.Gain/Loss

Moody/S&P Fitch

MaturityDuration

US TREASURY


250,000.00 09/27/20171.92%

249,493.02249,656.56

98.802.25%

246,992.25789.74

0.43%(2,664.31)

Aaa / AA+AAA

3.343.20


250,000.00 Various2.11%

245,892.58247,081.02

98.362.25%

245,888.75370.56

0.43%(1,192.27)

Aaa / AA+AAA

3.423.29

9128284D9 US Treasury Note2.5% Due 3/31/2023

100,000.00 04/25/20182.83%

98,488.2898,799.02

100.892.26%

100,886.70211.75

0.18%2,087.68

Aaa / AA+AAA

3.923.71

912828R69 US Treasury Note1.625% Due 5/31/2023

300,000.00 Various2.81%

284,296.88286,549.03

97.482.27%

292,453.202,035.72

0.51%5,904.17

Aaa / AA+AAA

4.093.90

912828U57 US Treasury Note2.125% Due 11/30/2023

250,000.00 01/18/20192.62%

244,404.30244,716.75

99.342.28%

248,339.752,218.41

0.44%3,623.00

Aaa / AA+AAA

4.594.30

912828G38 US Treasury Note2.25% Due 11/15/2024

1,250,000.00 12/03/20152.30%

1,245,415.161,247,159.90

99.612.33%

1,245,117.5012,974.79

2.19%(2,042.40)

Aaa / AA+AAA

5.555.13

912828J27 US Treasury Note2% Due 2/15/2025

1,000,000.00 04/28/20151.95%

1,004,652.441,002,751.18

98.152.34%

981,484.004,143.65

1.71%(21,267.18)

Aaa / AA+AAA

5.805.41

912828K74 US Treasury Note2% Due 8/15/2025

2,000,000.00 Various2.31%

1,946,101.751,965,383.73

97.812.38%

1,956,250.008,287.30

3.41%(9,133.73)

Aaa / AA+AAA

6.305.85


1,000,000.00 Various1.71%

992,937.60994,712.19

94.962.41%

949,648.007,496.55

1.66%(45,064.19)

Aaa / AA+AAA

7.056.54

912828U24 US Treasury Note2% Due 11/15/2026

1,400,000.00 01/20/20172.49%

1,340,177.481,354,001.94

97.072.43%

1,358,929.6012,917.13

2.38%4,927.66

Aaa / AA+AAA

7.556.88


2,250,000.00 Various2.32%

2,235,301.972,238,294.70

98.652.44%

2,219,676.7510,488.60

3.87%(18,617.95)

Aaa / AA+AAA

7.807.07


1,900,000.00 Various2.53%

1,854,546.881,860,656.54

98.412.46%

1,869,793.808,857.04

3.26%9,137.26

Aaa / AA+AAA

8.307.48


1,750,000.00 04/17/20182.84%

1,664,003.911,673,296.80

98.292.47%

1,720,059.2518,164.71

3.02%46,762.45

Aaa / AA+AAA

8.557.63


2,000,000.00 01/29/20192.73%

2,024,140.632,023,510.27

103.132.50%

2,062,578.0011,912.98

3.60%39,067.73

Aaa / AA+AAA

9.308.10

Total US Treasury 19,980,000.00 2.30%19,673,499.7919,748,581.71 2.39%

19,731,946.17115,168.82

34.47%(16,635.54)

Aaa / AA+AAA

6.145.58




Account #691



Mkt PriceMkt YTM


% of Port.Gain/Loss

Moody/S&P Fitch

MaturityDuration

TOTAL PORTFOLIO 57,597,914.08 2.41%57,207,140.6857,205,432.56 2.51%

57,247,784.12330,000.74

100.00%42,351.56

Aa1 / AAAAA

5.024.54

TOTAL MARKET VALUE PLUS ACCRUED 57,577,784.86


Transaction LedgerAs of April 30, 2019


Account #691

Transaction Type

Settlement Date CUSIP Quantity Security Description Price Acq/Disp

Yield Amount InterestPur/Sold Total Amount Gain/Loss

ACQUISITIONS

Purchase 04/02/2019 316175603 8.40 Fidelity Institutional Government MMKT Fund #657

1.000 2.05% 8.40 0.00 8.40 0.00

Purchase 04/02/2019 316175603 1,737.36 Fidelity Institutional Government MMKT Fund #657

1.000 2.05% 1,737.36 0.00 1,737.36 0.00


1.000 2.05% 4,687.50 0.00 4,687.50 0.00


1.000 2.05% 1,375.00 0.00 1,375.00 0.00


1.000 2.05% 2,812.50 0.00 2,812.50 0.00


1.000 2.05% 1,375.00 0.00 1,375.00 0.00


1.000 2.05% 8,652.45 0.00 8,652.45 0.00


1.000 2.05% 515.69 0.00 515.69 0.00


1.000 2.05% 4,383.35 0.00 4,383.35 0.00


1.000 2.05% 267.41 0.00 267.41 0.00


1.000 2.05% 1,604.49 0.00 1,604.49 0.00


1.000 2.05% 66.50 0.00 66.50 0.00


1.000 2.05% 210.58 0.00 210.58 0.00


1.000 2.05% 436.33 0.00 436.33 0.00


1.000 2.05% 5,514.07 0.00 5,514.07 0.00


1.000 2.05% 278.67 0.00 278.67 0.00




Account #691

Transaction Type



ACQUISITIONS


1.000 2.05% 26,543.17 0.00 26,543.17 0.00


1.000 2.05% 141.50 0.00 141.50 0.00

Purchase 04/15/2019 90LAIF$00 27,799.11 Local Agency Investment Fund State Pool

1.000 2.44% 27,799.11 0.00 27,799.11 0.00


1.000 2.05% 6,173.66 0.00 6,173.66 0.00


1.000 2.05% 200.67 0.00 200.67 0.00


1.000 2.05% 343.75 0.00 343.75 0.00


1.000 2.05% 962.50 0.00 962.50 0.00


1.000 2.05% 5,312.50 0.00 5,312.50 0.00


1.000 2.05% 500,000.00 0.00 500,000.00 0.00


1.000 2.05% 356.46 0.00 356.46 0.00


1.000 2.05% 26,562.50 0.00 26,562.50 0.00


1.000 2.05% 8,750.00 0.00 8,750.00 0.00


1.000 2.05% 160,000.00 0.00 160,000.00 0.00


1.000 2.05% 2,125.00 0.00 2,125.00 0.00


1.000 2.05% 5,437.50 0.00 5,437.50 0.00


1.000 2.05% 3,792.50 0.00 3,792.50 0.00




Account #691

Transaction Type



ACQUISITIONS

Purchase 04/30/2019 912828F21 170,000.00 US Treasury Note2.125% Due 9/30/2021

99.648 2.27% 169,402.34 296.11 169,698.45 0.00

Subtotal 978,426.12 977,828.46 296.11 978,124.57 0.00

Short Sale 04/30/2019 316175603 -169,698.45 Fidelity Institutional Government MMKT Fund #657

1.000 -169,698.45 0.00 -169,698.45 0.00

Subtotal -169,698.45 -169,698.45 0.00 -169,698.45 0.00

TOTAL ACQUISITIONS 808,727.67 808,130.01 296.11 808,426.12 0.00

DISPOSITIONS

Closing Purchase

04/30/2019 316175603 -169,698.45 Fidelity Institutional Government MMKT Fund #657

1.000 -169,698.45 0.00 -169,698.45 0.00

Subtotal -169,698.45 -169,698.45 0.00 -169,698.45 0.00

Sale 04/30/2019 316175603 169,698.45 Fidelity Institutional Government MMKT Fund #657

1.000 2.05% 169,698.45 0.00 169,698.45 0.00

Subtotal 169,698.45 169,698.45 0.00 169,698.45 0.00

Paydown 04/15/2019 43814QAC2 8,623.45 Honda Auto Receivables 2016-2 A31.39% Due 4/15/2020

100.000 8,623.45 29.00 8,652.45 0.00

Paydown 04/15/2019 47788BAB0 515.01 John Deere Owner Trust 2017-B A2A1.59% Due 4/15/2020

100.000 515.01 0.68 515.69 0.00

Paydown 04/15/2019 47788BAB0 4,377.55 John Deere Owner Trust 2017-B A2A1.59% Due 4/15/2020

100.000 4,377.55 5.80 4,383.35 0.00

Paydown 04/15/2019 47788BAD6 252.25 John Deere Owner Trust 2017-B A31.82% Due 10/15/2021

100.000 252.25 15.16 267.41 0.00

Paydown 04/15/2019 47788BAD6 1,513.48 John Deere Owner Trust 2017-B A31.82% Due 10/15/2021

100.000 1,513.48 91.01 1,604.49 0.00

Paydown 04/15/2019 47788CAC6 0.00 John Deere Owner Trust 2016-B A42.66% Due 4/18/2022

100.000 0.00 66.50 66.50 0.00

Paydown 04/15/2019 47788CAC6 0.00 John Deere Owner Trust 2016-B A42.66% Due 4/18/2022

100.000 0.00 210.58 210.58 0.00




Account #691

Transaction Type



DISPOSITIONS

Paydown 04/15/2019 47788EAC2 0.00 John Deere Owner Trust 2018-B A33.08% Due 11/15/2022

100.000 0.00 436.33 436.33 0.00

Paydown 04/15/2019 47788MAC4 5,507.22 John Deere Owner Trust 2016-A A31.36% Due 4/15/2020

100.000 5,507.22 6.85 5,514.07 0.00

Paydown 04/15/2019 47789JAB2 0.00 John Deere Owner Trust 2019-A A22.85% Due 12/15/2021

100.000 0.00 278.67 278.67 0.00

Paydown 04/15/2019 89238BAB8 26,196.66 Toyota Auto Receivables Owner 2018-A A2A2.1% Due 10/15/2020

100.000 26,196.66 346.51 26,543.17 0.00

Paydown 04/15/2019 89239AAB9 0.00 Toyota Auto Receivables 2019-A A2A2.83% Due 10/15/2021

100.000 0.00 141.50 141.50 0.00

Paydown 04/18/2019 43814PAB6 6,164.83 Honda Auto Receivables Owner T 17-3 A21.57% Due 1/21/2020

100.000 6,164.83 8.83 6,173.66 0.00

Paydown 04/18/2019 43814UAG4 0.00 Honda Auto Receivables 2018-2 A33.01% Due 5/18/2022

100.000 0.00 200.67 200.67 0.00

Paydown 04/18/2019 43814WAB1 0.00 HAROT 2019-1 A22.75% Due 9/20/2021

100.000 0.00 343.75 343.75 0.00

Paydown 04/22/2019 43815HAC1 0.00 Honda Auto Receivables Owner 2018-3 A32.95% Due 8/22/2022

100.000 0.00 356.46 356.46 0.00

Subtotal 53,150.45 53,150.45 2,538.30 55,688.75 0.00

Maturity 04/22/2019 94974BFU9 500,000.00 Wells Fargo Corp Note2.125% Due 4/22/2019

100.000 500,000.00 0.00 500,000.00 0.00

Maturity 04/30/2019 912828D23 160,000.00 US Treasury Note1.625% Due 4/30/2019

100.000 160,000.00 0.00 160,000.00 0.00

Subtotal 660,000.00 660,000.00 0.00 660,000.00 0.00

Security Withdrawal

04/04/2019 316175603 39.48 Fidelity Institutional Government MMKT Fund #657

1.000 39.48 0.00 39.48 0.00




Account #691

Transaction Type



DISPOSITIONS

Security Withdrawal

04/04/2019 316175603 5,235.18 Fidelity Institutional Government MMKT Fund #657

1.000 5,235.18 0.00 5,235.18 0.00

Subtotal 5,274.66 5,274.66 0.00 5,274.66 0.00

TOTAL DISPOSITIONS 718,425.11 718,425.11 2,538.30 720,963.41 0.00

OTHER TRANSACTIONS

Interest 04/05/2019 3135G0T45 500,000.00 FNMA Note1.875% Due 4/5/2022

0.000 4,687.50 0.00 4,687.50 0.00

Interest 04/07/2019 3135G0Q89 200,000.00 FNMA Note1.375% Due 10/7/2021

0.000 1,375.00 0.00 1,375.00 0.00

Interest 04/08/2019 68389XAX3 250,000.00 Oracle Corp Note2.25% Due 10/8/2019

0.000 2,812.50 0.00 2,812.50 0.00

Interest 04/13/2019 3135G0U27 110,000.00 FNMA Note2.5% Due 4/13/2021

0.000 1,375.00 0.00 1,375.00 0.00

Interest 04/20/2019 3137EAEF2 140,000.00 FHLMC Note1.375% Due 4/20/2020

0.000 962.50 0.00 962.50 0.00

Interest 04/22/2019 94974BFU9 500,000.00 Wells Fargo Corp Note2.125% Due 4/22/2019

0.000 5,312.50 0.00 5,312.50 0.00

Interest 04/24/2019 3135G0K36 2,500,000.00 FNMA Note2.125% Due 4/24/2026

0.000 26,562.50 0.00 26,562.50 0.00

Interest 04/28/2019 06406RAG2 500,000.00 Bank of NY Mellon Corp Note3.5% Due 4/28/2023

0.000 8,750.00 0.00 8,750.00 0.00

Interest 04/30/2019 713448CS5 410,000.00 PepsiCo Inc Callable Note Cont 3/30/20201.85% Due 4/30/2020

0.000 3,792.50 0.00 3,792.50 0.00

Interest 04/30/2019 912828D23 160,000.00 US Treasury Note1.625% Due 4/30/2019

0.000 1,300.00 0.00 1,300.00 0.00




Account #691

Transaction Type



OTHER TRANSACTIONS

Interest 04/30/2019 912828F62 110,000.00 US Treasury Note1.5% Due 10/31/2019

0.000 825.00 0.00 825.00 0.00

Interest 04/30/2019 912828L99 200,000.00 US Treasury Note1.375% Due 10/31/2020

0.000 1,375.00 0.00 1,375.00 0.00

Interest 04/30/2019 912828T67 300,000.00 US Treasury Note1.25% Due 10/31/2021

0.000 1,875.00 0.00 1,875.00 0.00

Interest 04/30/2019 912828WZ9 250,000.00 US Treasury Note1.75% Due 4/30/2022

0.000 2,187.50 0.00 2,187.50 0.00

Subtotal 6,130,000.00 63,192.50 0.00 63,192.50 0.00

Dividend 04/02/2019 316175603 34,579.20 Fidelity Institutional Government MMKT Fund #657

0.000 8.40 0.00 8.40 0.00

Dividend 04/02/2019 316175603 7,152,895.42 Fidelity Institutional Government MMKT Fund #657

0.000 1,737.36 0.00 1,737.36 0.00

Dividend 04/15/2019 90LAIF$00 398,478,039.76 Local Agency Investment Fund State Pool

0.000 27,799.11 0.00 27,799.11 0.00

Subtotal 405,665,514.38 29,544.87 0.00 29,544.87 0.00

TOTAL OTHER TRANSACTIONS 411,795,514.38 92,737.37 0.00 92,737.37 0.00


Income EarnedAs of April 30, 2019


Account #691

CUSIP Security DescriptionTrade DateSettle Date

Units

Book Value: BeginBook Value: Acq

Book Value: DispBook Value: End

Prior AccruedInc. Received

Ending AccruedTotal Interest

Accr. Of DiscountAmort. Of Premium

Net Accret/AmortIncome Earned

Total Income

FIXED INCOME

02665WAH4 American Honda Finance Note 2.25% Due 08/15/2019

04/07/201504/10/2015250,000.00

250,401.880.000.00

250,313.23

718.750.00

1,187.50468.75

0.0088.65

(88.65)380.10

380.10

02665WCJ8 American Honda Finance Note 3.45% Due 07/14/2023

07/19/201807/23/2018500,000.00

500,193.790.000.00

500,190.08

3,689.580.00

5,127.081,437.50

0.003.71

(3.71)1,433.79

1,433.79

037833BS8 Apple Inc Callable Note Cont 1/23/2021 2.25% Due 02/23/2021

03/23/201603/29/2016500,000.00

502,703.190.000.00

502,586.34

1,187.500.00

2,125.00937.50

0.00116.85

(116.85)820.65

820.65

037833CQ1 Apple Inc Callable Note Cont 4/11/22 2.3% Due 05/11/2022

08/28/201708/31/2017100,000.00

100,468.580.000.00

100,456.21

894.440.00

1,086.11191.67

0.0012.37

(12.37)179.30

179.30

06051GHF9 Bank of America Corp Callable Note 1X 3/5/2023 3.55% Due 03/05/2024

03/28/201903/29/2019125,000.00

127,127.700.000.00

127,092.24

320.490.00

690.28369.79

0.0035.46

(35.46)334.33

334.33

06406HCW7 Bank of New York Callable Note Cont 8/11/2019 2.3% Due 09/11/2019

04/22/201504/27/2015250,000.00

250,500.580.000.00

250,408.45

319.440.00

798.61479.17

0.0092.13

(92.13)387.04

387.04

06406RAG2 Bank of NY Mellon Corp Note 3.5% Due 04/28/2023

06/26/201806/28/2018500,000.00

500,189.690.000.00

500,185.86

7,437.508,750.00

145.831,458.33

0.003.83

(3.83)1,454.50

1,454.50

084670BQ0 Berkshire Hathaway Callable Note Cont 2/15/2021 2.2% Due 03/15/2021

02/06/201702/09/2017125,000.00

125,222.080.000.00

125,212.75

122.220.00

351.39229.17

0.009.33

(9.33)219.84

219.84

084670BR8 Berkshire Hathaway Callable Note Cont 1/15/2023 2.75% Due 03/15/2023

12/17/201812/19/2018175,000.00

170,679.430.000.00

170,769.20

213.890.00

614.93401.04

89.770.00

89.77490.81

490.81




Account #691


Units







Total Income

09247XAH4 Blackrock Inc Note 4.25% Due 05/24/2021

03/30/201704/04/2017200,000.00

207,387.550.000.00

207,104.87

2,998.610.00

3,706.94708.33

0.00282.68

(282.68)425.65

425.65

097023BQ7 Boeing Co Callable Note Cont 4/15/2023 1.875% Due 06/15/2023

02/13/201902/15/2019200,000.00

191,366.920.000.00

191,535.54

1,104.170.00

1,416.67312.50

168.620.00

168.62481.12

481.12

166764AN0 Chevron Corp Callable Note Cont 10/15/2019 2.193% Due 11/15/2019

11/19/201411/24/2014750,000.00

750,122.340.000.00

750,106.25

6,213.500.00

7,584.121,370.62

0.0016.09

(16.09)1,354.53

1,354.53

166764AR1 Chevron Corp Callable Note Cont 2/3/2020 1.961% Due 03/03/2020

12/13/201712/15/2017125,000.00

124,878.160.000.00

124,889.00

190.650.00

394.92204.27

10.840.00

10.84215.11

215.11

24422ETL3 John Deere Capital Corp Note 2.65% Due 01/06/2022

01/06/201701/11/2017500,000.00

500,993.790.000.00

500,964.30

3,128.470.00

4,232.641,104.17

0.0029.49

(29.49)1,074.68

1,074.68

24422EUA5 John Deere Capital Corp Note 2.7% Due 01/06/2023

03/08/201803/12/2018250,000.00

245,684.860.000.00

245,778.94

1,593.750.00

2,156.25562.50

94.080.00

94.08656.58

656.58

30231GAV4 Exxon Mobil Corp Callable Note Cont 2/1/2021 2.222% Due 03/01/2021

05/23/201605/26/2016250,000.00

251,190.800.000.00

251,139.77

462.920.00

925.83462.91

0.0051.03

(51.03)411.88

411.88

3130A0EN6 FHLB Note 2.875% Due 12/10/2021

01/17/201901/18/2019130,000.00

130,760.020.000.00

130,736.85

1,152.400.00

1,463.85311.45

0.0023.17

(23.17)288.28

288.28

3130A0F70 FHLB Note 3.375% Due 12/08/2023

VariousVarious

325,000.00

333,776.230.000.00

333,622.45

3,442.970.00

4,357.03914.06

0.00153.78

(153.78)760.28

760.28




Account #691


Units







Total Income

3130A2UW4 FHLB Note 2.875% Due 09/13/2024

10/08/201510/09/2015

1,000,000.00

1,019,999.390.000.00

1,019,698.19

1,437.500.00

3,833.332,395.83

0.00301.20

(301.20)2,094.63

2,094.63

3130A2VE3 FHLB Note 3% Due 09/11/2026

03/07/201703/08/2017

1,000,000.00

1,003,288.430.000.00

1,003,252.16

1,666.670.00

4,166.672,500.00

0.0036.27

(36.27)2,463.73

2,463.73

3130A3VD3 FHLB Note 2.625% Due 06/11/2027

08/15/201708/16/2017

1,500,000.00

1,505,158.040.000.00

1,505,106.34

12,031.250.00

15,312.503,281.25

0.0051.70

(51.70)3,229.55

3,229.55

3130A7CV5 FHLB Note 1.375% Due 02/18/2021

06/28/201606/29/2016300,000.00

301,510.920.000.00

301,445.13

492.710.00

836.46343.75

0.0065.79

(65.79)277.96

277.96

3130A8QS5 FHLB Note 1.125% Due 07/14/2021

07/25/201607/26/2016250,000.00

249,147.280.000.00

249,177.91

601.560.00

835.94234.38

30.630.00

30.63265.01

265.01

3130AA3R7 FHLB Note 1.375% Due 11/15/2019

08/28/201708/29/2017150,000.00

149,939.050.000.00

149,947.07

779.170.00

951.04171.87

8.020.008.02

179.89

179.89

3130ACKB9 FHLB Note 2.625% Due 09/10/2027

11/20/201711/21/2017

1,000,000.00

995,709.970.000.00

995,751.70

1,531.250.00

3,718.752,187.50

41.730.00

41.732,229.23

2,229.23

3130AEB25 FHLB Note 3.25% Due 06/09/2028

VariousVarious

2,250,000.00

2,226,926.820.000.00

2,227,133.02

22,750.000.00

28,843.756,093.75

206.200.00

206.206,299.95

6,299.95

31331JAQ6 FFCB Note 4.25% Due 01/06/2020

08/30/201108/31/2011500,000.00

506,581.840.000.00

505,876.64

5,017.360.00

6,788.191,770.83

0.00705.20

(705.20)1,065.63

1,065.63




Account #691


Units







Total Income

313378CR0 FHLB Note 2.25% Due 03/11/2022

06/19/201706/20/2017250,000.00

252,748.260.000.00

252,671.57

312.500.00

781.25468.75

0.0076.69

(76.69)392.06

392.06

313379RB7 FHLB Note 1.875% Due 06/11/2021

08/30/201708/31/2017300,000.00

301,314.580.000.00

301,265.41

1,718.750.00

2,187.50468.75

0.0049.17

(49.17)419.58

419.58

313381FD2 FHLB Note 2.5% Due 12/10/2027

05/17/201805/18/2018

1,250,000.00

1,170,965.860.000.00

1,171,712.64

9,635.420.00

12,239.582,604.16

746.780.00

746.783,350.94

3,350.94

313383HU8 FHLB Note 1.75% Due 06/12/2020

VariousVarious

650,000.00

651,694.070.000.00

651,578.03

3,444.100.00

4,392.01947.91

0.00116.04

(116.04)831.87

831.87

313383QR5 FHLB Note 3.25% Due 06/09/2023

08/28/201808/29/2018250,000.00

253,654.030.000.00

253,582.38

2,527.780.00

3,204.86677.08

0.0071.65

(71.65)605.43

605.43

313383YJ4 FHLB Note 3.375% Due 09/08/2023

11/29/201811/30/2018250,000.00

253,759.550.000.00

253,689.97

539.060.00

1,242.19703.13

0.0069.58

(69.58)633.55

633.55

3135G0F73 FNMA Note 1.5% Due 11/30/2020

12/04/201512/07/2015500,000.00

497,038.650.000.00

497,184.53

2,520.830.00

3,145.83625.00

145.880.00

145.88770.88

770.88

3135G0J20 FNMA Note 1.375% Due 02/26/2021

06/29/201606/30/2016250,000.00

251,229.580.000.00

251,176.66

334.200.00

620.66286.46

0.0052.92

(52.92)233.54

233.54

3135G0K36 FNMA Note 2.125% Due 04/24/2026

VariousVarious

2,500,000.00

2,513,244.490.000.00

2,513,090.48

23,168.4026,562.50

1,032.984,427.08

52.18206.19

(154.01)4,273.07

4,273.07




Account #691


Units







Total Income

3135G0N33 FNMA Note 0.875% Due 08/02/2019

08/28/201708/29/2017100,000.00

99,824.340.000.00

99,867.18

143.400.00

216.3272.92

42.840.00

42.84115.76

115.76

3135G0Q22 FNMA Note 1.875% Due 09/24/2026

VariousVarious

2,500,000.00

2,438,538.350.000.00

2,439,213.00

911.460.00

4,817.713,906.25

674.650.00

674.654,580.90

4,580.90

3135G0Q89 FNMA Note 1.375% Due 10/07/2021

10/06/201610/07/2016200,000.00

199,643.490.000.00

199,655.11

1,329.171,375.00

183.33229.16

11.620.00

11.62240.78

240.78

3135G0T45 FNMA Note 1.875% Due 04/05/2022

05/05/201705/08/2017500,000.00

498,312.880.000.00

498,358.90

4,583.334,687.50

677.08781.25

46.020.00

46.02827.27

827.27

3135G0U27 FNMA Note 2.5% Due 04/13/2021

11/29/201811/30/2018110,000.00

109,151.520.000.00

109,185.78

1,283.331,375.00

137.50229.17

34.260.00

34.26263.43

263.43

3135G0ZR7 FNMA Note 2.625% Due 09/06/2024

VariousVarious

2,000,000.00

2,015,427.000.000.00

2,015,193.84

3,645.840.00

8,020.844,375.00

15.26248.42

(233.16)4,141.84

4,141.84

3137EADG1 FHLMC Note 1.75% Due 05/30/2019

12/14/201612/15/2016100,000.00

100,060.650.000.00

100,029.81

588.190.00

734.03145.84

0.0030.84

(30.84)115.00

115.00

3137EAEC9 FHLMC Note 1.125% Due 08/12/2021

09/20/201609/21/2016250,000.00

248,591.040.000.00

248,639.96

382.810.00

617.19234.38

48.920.00

48.92283.30

283.30

3137EAEF2 FHLMC Note 1.375% Due 04/20/2020

09/21/201709/22/2017140,000.00

139,674.650.000.00

139,700.00

860.90962.50

58.82160.42

25.350.00

25.35185.77

185.77




Account #691


Units







Total Income

3137EAEK1 FHLMC Note 1.875% Due 11/17/2020

11/28/201711/29/2017425,000.00

424,740.620.000.00

424,753.68

2,966.150.00

3,630.21664.06

13.060.00

13.06677.12

677.12

3137EAEN5 FHLMC Note 2.75% Due 06/19/2023

08/28/201808/29/2018250,000.00

249,004.050.000.00

249,023.45

1,947.920.00

2,520.83572.91

19.400.00

19.40592.31

592.31

404280BF5 HSBC Holdings PLC Note 2.65% Due 01/05/2022

01/12/201801/17/2018900,000.00

894,278.760.000.00

894,448.69

5,697.500.00

7,685.001,987.50

169.930.00

169.932,157.43

2,157.43

43814PAB6 Honda Auto Receivables Owner T17-3 A2 1.57% Due 01/21/2020

09/25/201709/29/2017

582.52

6,747.140.00

6,164.83582.50

3.838.830.335.33

0.190.000.195.52

5.52

43814QAC2 Honda Auto Receivables 2016-2 A3 1.39% Due 04/15/2020

05/24/201605/31/2016

16,409.33

25,032.650.00

8,623.4516,409.25

15.4629.0010.1423.68

0.050.000.05

23.73

23.73

43814UAG4 Honda Auto Receivables 2018-2 A3 3.01% Due 05/18/2022

05/22/201805/30/2018

80,000.00

79,998.630.000.00

79,998.66

86.96200.67

86.96200.67

0.030.000.03

200.70

200.70

43814WAB1 HAROT 2019-1 A2 2.75% Due 09/20/2021

02/19/201902/27/2019150,000.00

149,990.680.000.00

149,990.99

148.96343.75148.96343.75

0.310.000.31

344.06

344.06

43815HAC1 Honda Auto Receivables Owner 2018-3 A3 2.95% Due 08/22/2022

08/21/201808/28/2018145,000.00

144,983.060.000.00

144,983.47

118.82356.46118.82356.46

0.410.000.41

356.87

356.87

44932HAC7 IBM Credit Corp Note 2.2% Due 09/08/2022

11/29/201712/01/2017500,000.00

493,900.250.000.00

494,045.95

702.780.00

1,619.44916.66

145.700.00

145.701,062.36

1,062.36




Account #691


Units







Total Income

44932HAH6 IBM Credit Corp Note 3% Due 02/06/2023

02/26/201802/28/2018350,000.00

348,818.010.000.00

348,843.21

1,604.170.00

2,479.17875.00

25.200.00

25.20900.20

900.20

4581X0CZ9 Inter-American Dev Bank Note 1.75% Due 09/14/2022

11/28/201711/30/2017425,000.00

419,072.240.000.00

419,213.16

351.220.00

971.01619.79

140.920.00

140.92760.71

760.71

459058FY4 Intl. Bank Recon & DevelopmentNote 2% Due 01/26/2022

VariousVarious

500,000.00

500,135.410.000.00

500,131.47

1,805.560.00

2,638.88833.32

23.4327.37(3.94)

829.38

829.38

459200JF9 IBM Corp Note 2.25% Due 02/19/2021

05/07/201805/09/2018105,000.00

103,592.320.000.00

103,653.52

275.630.00

472.50196.87

61.200.00

61.20258.07

258.07

45950KCJ7 International Finance Corp Note 1.125% Due 07/20/2021

11/09/201611/10/2016450,000.00

444,839.120.000.00

445,023.22

998.440.00

1,420.31421.87

184.100.00

184.10605.97

605.97

45950KCM0 International Finance Corp Note 2.25% Due 01/25/2021

01/18/201801/25/2018210,000.00

209,625.390.000.00

209,642.29

866.250.00

1,260.00393.75

16.900.00

16.90410.65

410.65

46625HKA7 JP Morgan Chase Callable Note Cont 12/23/2019 2.25% Due 01/23/2020

VariousVarious

625,000.00

625,116.190.000.00

625,104.45

2,656.250.00

3,828.131,171.88

21.2532.99

(11.74)1,160.14

1,160.14

47788BAB0 John Deere Owner Trust 2017-B A2A Due 04/15/2020

07/11/201707/18/2017

0.00

4,892.400.00

4,892.560.00

3.456.480.003.03

0.160.000.163.19

3.19

47788BAD6 John Deere Owner Trust 2017-B A3 1.82% Due 10/15/2021

07/11/201707/18/2017

68,234.27

69,996.930.00

1,765.7368,231.38

56.62106.17

55.19104.74

0.180.000.18

104.92

104.92




Account #691


Units







Total Income

47788CAC6 John Deere Owner Trust 2016-B A4 2.66% Due 04/18/2022

02/21/201802/28/2018125,000.00

124,993.380.000.00

124,993.55

147.78277.08147.78277.08

0.170.000.17

277.25

277.25

47788EAC2 John Deere Owner Trust 2018-B A3 3.08% Due 11/15/2022

07/18/201807/25/2018170,000.00

169,989.160.000.00

169,989.40

232.71436.33232.71436.33

0.240.000.24

436.57

436.57

47788MAC4 John Deere Owner Trust 2016-A A3 1.36% Due 04/15/2020

02/23/201603/02/2016

540.88

6,047.860.00

5,507.22540.86

3.666.850.333.52

0.220.000.223.74

3.74

47789JAB2 John Deere Owner Trust 2019-A A2 2.85% Due 12/15/2021

03/05/201903/13/2019110,000.00

109,995.070.000.00

109,995.22

156.75278.67139.33261.25

0.150.000.15

261.40

261.40

58933YAF2 Merck & Co Note 2.8% Due 05/18/2023

10/26/201810/30/2018

93,000.00

90,831.750.000.00

90,874.88

962.030.00

1,179.03217.00

43.130.00

43.13260.13

260.13

594918BP8 Microsoft Callable Note Cont 7/8/21 1.55% Due 08/08/2021

Various08/08/2016605,000.00

604,656.730.000.00

604,668.70

1,380.570.00

2,162.03781.46

11.970.00

11.97793.43

793.43

68389XAX3 Oracle Corp Note 2.25% Due 10/08/2019

04/22/201504/27/2015250,000.00

250,681.950.000.00

250,574.28

2,703.132,812.50

359.38468.75

0.00107.67

(107.67)361.08

361.08

69353RFL7 PNC Bank Callable Note Cont 5/9/2023 3.5% Due 06/08/2023

06/05/201806/08/2018250,000.00

249,761.360.000.00

249,766.04

2,746.530.00

3,475.69729.16

4.680.004.68

733.84

733.84

713448CS5 PepsiCo Inc Callable Note Cont 3/30/2020 1.85% Due 04/30/2020

04/27/201504/30/2015410,000.00

409,949.470.000.00

409,953.31

3,181.493,792.50

21.07632.08

3.840.003.84

635.92

635.92




Account #691


Units







Total Income

747525AD5 Qualcomm Inc Note 2.25% Due 05/20/2020

05/19/201505/22/2015750,000.00

749,856.100.000.00

749,866.51

6,140.640.00

7,546.891,406.25

10.410.00

10.411,416.66

1,416.66

857477AV5 State Street Bank Note 1.95% Due 05/19/2021

05/16/201605/19/2016255,000.00

254,943.430.000.00

254,945.61

1,823.250.00

2,237.63414.38

2.180.002.18

416.56

416.56

880591EU2 Tennessee Valley Authority Note 2.875% Due 02/01/2027

11/06/201811/07/2018

1,000,000.00

957,883.060.000.00

958,324.38

4,791.670.00

7,187.502,395.83

441.320.00

441.322,837.15

2,837.15

89114QCB2 Toronto Dominion Bank Note 3.25% Due 03/11/2024

03/26/201903/28/2019175,000.00

177,371.250.000.00

177,331.86

315.970.00

789.93473.96

0.0039.39

(39.39)434.57

434.57

89236TBP9 Toyota Motor Credit Corp Note 2.125% Due 07/18/2019

01/10/201701/13/2017125,000.00

125,087.100.000.00

125,062.91

538.630.00

759.98221.35

0.0024.19

(24.19)197.16

197.16

89238BAB8 Toyota Auto Receivables Owner 2018-A A2A 2.1% Due 10/15/2020

01/23/201801/31/2018171,807.36

197,992.490.00

26,196.66171,797.89

184.80346.51160.35322.06

2.060.002.06

324.12

324.12

89239AAB9 Toyota Auto Receivables 2019-A A2A 2.83% Due 10/15/2021

02/05/201902/13/2019

60,000.00

59,994.810.000.00

59,994.98

75.47141.50

75.47141.50

0.170.000.17

141.67

141.67

90331HNL3 US Bank NA Callable Note Cont 12/23/22 2.85% Due 01/23/2023

02/07/201802/09/2018875,000.00

871,388.520.000.00

871,466.30

4,710.420.00

6,788.552,078.13

77.780.00

77.782,155.91

2,155.91

9128282R0 US Treasury Note 2.25% Due 08/15/2027

VariousVarious

1,900,000.00

1,860,266.740.000.00

1,860,656.54

5,314.230.00

8,857.043,542.81

389.800.00

389.803,932.61

3,932.61




Account #691


Units







Total Income

9128283F5 US Treasury Note 2.25% Due 11/15/2027

04/17/201804/18/2018

1,750,000.00

1,672,559.270.000.00

1,673,296.80

14,901.590.00

18,164.713,263.12

737.530.00

737.534,000.65

4,000.65

9128283S7 US Treasury Note 2% Due 01/31/2020

06/14/201806/15/2018150,000.00

149,351.240.000.00

149,415.05

497.240.00

745.86248.62

63.810.00

63.81312.43

312.43

9128284D9 US Treasury Note 2.5% Due 03/31/2023

04/25/201804/26/2018100,000.00

98,773.830.000.00

98,799.02

6.830.00

211.75204.92

25.190.00

25.19230.11

230.11

9128284V9 US Treasury Note 2.875% Due 08/15/2028

01/29/201901/30/2019

2,000,000.00

2,023,718.080.000.00

2,023,510.27

7,147.790.00

11,912.984,765.19

0.00207.81

(207.81)4,557.38

4,557.38


01/30/201901/31/2019150,000.00

149,762.050.000.00

149,769.05

787.290.00

1,098.07310.78

7.000.007.00

317.78

317.78

912828B58 US Treasury Note 2.125% Due 01/31/2021

04/30/201805/01/2018100,000.00

99,134.980.000.00

99,173.66

352.210.00

528.31176.10

38.680.00

38.68214.78

214.78

912828D23 US Treasury Note Due 04/30/2019

10/24/201610/25/2016

0.00

160,084.420.00

160,000.000.00

1,091.711,300.00

0.00208.29

0.0084.42

(84.42)123.87

123.87


04/29/201904/30/2019170,000.00

0.00169,402.34

0.00169,403.02

0.00(296.11)

305.989.87

0.680.000.68

10.55

10.55


02/27/201802/28/2018125,000.00

124,740.610.000.00

124,783.37

5.980.00

185.28179.30

42.760.00

42.76222.06

222.06




Account #691


Units







Total Income


10/02/201810/03/2018110,000.00

109,261.760.000.00

109,365.74

692.82825.00

4.48136.66

103.980.00

103.98240.64

240.64

912828G38 US Treasury Note 2.25% Due 11/15/2024

12/03/201512/04/2015

1,250,000.00

1,247,117.820.000.00

1,247,159.90

10,643.990.00

12,974.792,330.80

42.080.00

42.082,372.88

2,372.88

912828G61 US Treasury Note 1.5% Due 11/30/2019

09/29/201509/30/2015250,000.00

250,425.790.000.00

250,373.22

1,256.870.00

1,565.93309.06

0.0052.57

(52.57)256.49

256.49

912828H52 US Treasury Note 1.25% Due 01/31/2020

02/10/201502/11/2015250,000.00

249,475.000.000.00

249,526.64

517.960.00

776.93258.97

51.640.00

51.64310.61

310.61

912828J27 US Treasury Note 2% Due 02/15/2025

04/28/201504/29/2015

1,000,000.00

1,002,790.160.000.00

1,002,751.18

2,486.190.00

4,143.651,657.46

0.0038.98

(38.98)1,618.48

1,618.48

912828J76 US Treasury Note 1.75% Due 03/31/2022

04/25/201704/26/2017250,000.00

249,281.670.000.00

249,301.35

11.950.00

370.56358.61

19.680.00

19.68378.29

378.29

912828K74 US Treasury Note 2% Due 08/15/2025

VariousVarious

2,000,000.00

1,964,931.820.000.00

1,965,383.73

4,972.380.00

8,287.303,314.92

451.910.00

451.913,766.83

3,766.83

912828L24 US Treasury Note 1.875% Due 08/31/2022

09/27/201709/28/2017250,000.00

249,648.100.000.00

249,656.56

407.610.00

789.74382.13

8.460.008.46

390.59

390.59


VariousVarious

250,000.00

247,010.860.000.00

247,081.02

11.950.00

370.56358.61

70.160.00

70.16428.77

428.77




Account #691


Units







Total Income


12/30/201512/31/2015200,000.00

198,706.710.000.00

198,773.72

1,154.701,375.00

7.47227.77

67.010.00

67.01294.78

294.78

912828N89 US Treasury Note 1.375% Due 01/31/2021

03/15/201603/16/2016200,000.00

199,579.580.000.00

199,598.38

455.800.00

683.70227.90

18.800.00

18.80246.70

246.70


VariousVarious

1,000,000.00

994,650.490.000.00

994,712.19

6,149.870.00

7,496.551,346.68

82.3820.6861.70

1,408.38

1,408.38


VariousVarious

300,000.00

286,278.400.000.00

286,549.03

1,633.920.00

2,035.72401.80

270.630.00

270.63672.43

672.43

912828T34 US Treasury Note 1.125% Due 09/30/2021

VariousVarious

300,000.00

294,622.640.000.00

294,799.34

9.220.00

285.86276.64

176.700.00

176.70453.34

453.34

912828T67 US Treasury Note 1.25% Due 10/31/2021

12/13/201612/14/2016300,000.00

295,096.280.000.00

295,252.12

1,574.591,875.00

10.19310.60

155.840.00

155.84466.44

466.44

912828U24 US Treasury Note 2% Due 11/15/2026

01/20/201701/23/2017

1,400,000.00

1,353,501.060.000.00

1,354,001.94

10,596.690.00

12,917.132,320.44

500.880.00

500.882,821.32

2,821.32

912828U57 US Treasury Note 2.125% Due 11/30/2023

01/18/201901/22/2019250,000.00

244,622.070.000.00

244,716.75

1,780.560.00

2,218.41437.85

94.680.00

94.68532.53

532.53

912828U73 US Treasury Note 1.375% Due 12/15/2019

10/02/201810/03/2018105,000.00

104,038.440.000.00

104,150.25

424.400.00

543.39118.99

111.810.00

111.81230.80

230.80




Account #691


Units







Total Income


02/27/201702/28/2017300,000.00

300,277.430.000.00

300,269.39

932.320.00

1,398.48466.16

0.008.04

(8.04)458.12

458.12


VariousVarious

2,250,000.00

2,238,171.350.000.00

2,238,294.70

6,293.160.00

10,488.604,195.44

140.3717.02

123.354,318.79

4,318.79

912828VZ0 US Treasury Note 2% Due 09/30/2020

03/29/201804/02/2018100,000.00

99,464.840.000.00

99,494.14

5.460.00

169.40163.94

29.300.00

29.30193.24

193.24

912828WY2 US Treasury Note 2.25% Due 07/31/2021

01/30/201801/31/2018170,000.00

169,618.980.000.00

169,632.39

633.980.00

950.97316.99

13.410.00

13.41330.40

330.40

912828WZ9 US Treasury Note 1.75% Due 04/30/2022

05/23/201705/24/2017250,000.00

249,372.560.000.00

249,389.29

1,838.942,187.50

11.95360.51

16.730.00

16.73377.24

377.24

912828XE5 US Treasury Note 1.5% Due 05/31/2020

07/16/201507/17/2015200,000.00

199,624.340.000.00

199,650.80

1,005.490.00

1,252.75247.26

26.460.00

26.46273.72

273.72

912828XM7 US Treasury Note 1.625% Due 07/31/2020

09/08/201509/09/2015300,000.00

300,415.450.000.00

300,389.85

808.010.00

1,212.02404.01

0.0025.60

(25.60)378.41

378.41

912828XR6 US Treasury Note 1.75% Due 05/31/2022

06/28/201706/29/2017300,000.00

299,488.020.000.00

299,501.31

1,759.620.00

2,192.31432.69

13.290.00

13.29445.98

445.98

931142EK5 Wal-Mart Stores Callable Note Cont 5/26/2023 3.4% Due 06/26/2023

Various06/27/2018180,000.00

179,960.330.000.00

179,961.10

1,615.000.00

2,125.00510.00

0.770.000.77

510.77

510.77




Account #691


Units







Total Income

94974BFU9 Wells Fargo Corp Note Due 04/22/2019

07/29/201407/31/2014

0.00

499,992.580.00

500,000.000.00

4,692.715,312.50

0.00619.79

7.420.007.42

627.21

627.21

94974BGF1 Wells Fargo Corp Note 2.15% Due 01/30/2020

02/10/201502/13/2015250,000.00

249,905.630.000.00

249,914.94

910.760.00

1,358.68447.92

9.310.009.31

457.23

457.23

Total Fixed Income 56,340,574.36

56,488,691.04169,402.34713,150.45

55,948,959.51

285,211.4565,434.69

328,823.32109,046.56

7,703.543,686.964,016.58

113,063.14 113,063.14

CASH & EQUIVALENT


VariousVarious

817,517.65

211,863.75610,928.56

5,274.66817,517.65

0.001,745.76

0.001,745.76

0.000.000.00

1,745.76

1,745.76

62479MTL7 MUFG Bank Ltd/NY Discount CP 2.6% Due 06/20/2019

02/19/201902/20/2019100,000.00

99,133.330.000.00

99,133.33

288.890.00

505.56216.67

0.000.000.00

216.67

216.67

Total Cash & Equivalent 917,517.65

310,997.08610,928.56

5,274.66916,650.98

288.891,745.76

505.561,962.43

0.000.000.00

1,962.43 1,962.43




Account #691


Units







Total Income

LOCAL AGENCY INVESTMENT FUND

90LAIF$00 Local Agency Investment Fund State Pool

01/15/201801/15/2018339,822.07

312,022.9627,799.11

0.00339,822.07

26,058.1427,799.11

671.862,412.83

0.000.000.00

2,412.83

2,412.83

Total Local Agency Investment Fund 339,822.07

312,022.9627,799.11

0.00339,822.07

26,058.1427,799.11

671.862,412.83

0.000.000.00

2,412.83 2,412.83

TOTAL PORTFOLIO 57,597,914.08

57,111,711.08808,130.01718,425.11

57,205,432.56

311,558.4894,979.56

330,000.74113,421.82

7,703.543,686.964,016.58

117,438.40 117,438.40


Cash Flow ReportAs of April 30, 2019


Account #691

Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount

05/11/2019 Interest 037833CQ1 100,000.00 Apple Inc Callable Note Cont 4/11/222.3% Due 5/11/2022

0.00 1,150.00 1,150.00

05/15/2019 Interest 912828G38 1,250,000.00 US Treasury Note2.25% Due 11/15/2024

0.00 14,062.50 14,062.50

05/15/2019 Interest 9128283F5 1,750,000.00 US Treasury Note2.25% Due 11/15/2027

0.00 19,687.50 19,687.50

05/15/2019 Interest 166764AN0 250,000.00 Chevron Corp Callable Note Cont 10/15/20192.193% Due 11/15/2019

0.00 2,741.25 2,741.25

05/15/2019 Interest 3130AA3R7 150,000.00 FHLB Note1.375% Due 11/15/2019

0.00 1,031.25 1,031.25

05/15/2019 Interest 912828R36 1,000,000.00 US Treasury Note1.625% Due 5/15/2026

0.00 8,125.01 8,125.01

05/15/2019 Interest 912828U24 1,400,000.00 US Treasury Note2% Due 11/15/2026

0.00 14,000.00 14,000.00

05/15/2019 Interest 166764AN0 500,000.00 Chevron Corp Callable Note Cont 10/15/20192.193% Due 11/15/2019

0.00 5,482.50 5,482.50

05/15/2019 Paydown 47788CAC6 30,000.00 John Deere Owner Trust 2016-B A42.66% Due 4/18/2022

782.58 66.50 849.08

05/15/2019 Paydown 89239AAB9 60,000.00 Toyota Auto Receivables 2019-A A2A2.83% Due 10/15/2021

1,930.01 141.50 2,071.51

05/15/2019 Paydown 47788BAD6 9,747.75 John Deere Owner Trust 2017-B A31.82% Due 10/15/2021

580.86 14.78 595.64

05/15/2019 Paydown 43814QAC2 16,409.33 Honda Auto Receivables 2016-2 A31.39% Due 4/15/2020

1,358.75 19.01 1,377.76


3,485.13 88.70 3,573.83

05/15/2019 Paydown 47788EAC2 170,000.00 John Deere Owner Trust 2018-B A33.08% Due 11/15/2022

3,742.87 436.33 4,179.20

05/15/2019 Paydown 89238BAB8 171,807.36 Toyota Auto Receivables Owner 2018-A A2A2.1% Due 10/15/2020

13,592.67 300.66 13,893.33


2,478.19 210.58 2,688.77

05/15/2019 Paydown 47788MAC4 540.88 John Deere Owner Trust 2016-A A31.36% Due 4/15/2020

81.10 0.61 81.71




Account #691


05/15/2019 Paydown 47789JAB2 110,000.00 John Deere Owner Trust 2019-A A22.85% Due 12/15/2021

3,309.02 261.25 3,570.27

05/17/2019 Interest 3137EAEK1 425,000.00 FHLMC Note1.875% Due 11/17/2020

0.00 3,984.38 3,984.38

05/18/2019 Interest 58933YAF2 93,000.00 Merck & Co Note2.8% Due 5/18/2023

0.00 1,302.00 1,302.00

05/18/2019 Paydown 43814WAB1 150,000.00 HAROT 2019-1 A22.75% Due 9/20/2021

4,813.44 343.75 5,157.19

05/18/2019 Paydown 43814PAB6 582.52 Honda Auto Receivables Owner T 17-3 A21.57% Due 1/21/2020

58.04 0.76 58.80

05/18/2019 Paydown 43814UAG4 80,000.00 Honda Auto Receivables 2018-2 A33.01% Due 5/18/2022

2,066.09 200.67 2,266.76

05/19/2019 Interest 857477AV5 255,000.00 State Street Bank Note1.95% Due 5/19/2021

0.00 2,486.25 2,486.25

05/20/2019 Interest 747525AD5 250,000.00 Qualcomm Inc Note2.25% Due 5/20/2020

0.00 2,812.50 2,812.50


0.00 5,625.00 5,625.00

05/21/2019 Paydown 43815HAC1 145,000.00 Honda Auto Receivables Owner 2018-3 A32.95% Due 8/22/2022

8,834.55 356.46 9,191.01

05/24/2019 Interest 09247XAH4 200,000.00 Blackrock Inc Note4.25% Due 5/24/2021

0.00 4,250.00 4,250.00

05/30/2019 Interest 3135G0F73 500,000.00 FNMA Note1.5% Due 11/30/2020

0.00 3,750.00 3,750.00

05/30/2019 Maturity 3137EADG1 100,000.00 FHLMC Note1.75% Due 5/30/2019

100,000.00 875.00 100,875.00

05/31/2019 Interest 912828U57 250,000.00 US Treasury Note2.125% Due 11/30/2023

0.00 2,656.25 2,656.25

05/31/2019 Interest 912828XR6 300,000.00 US Treasury Note1.75% Due 5/31/2022

0.00 2,625.00 2,625.00

05/31/2019 Interest 912828XE5 200,000.00 US Treasury Note1.5% Due 5/31/2020

0.00 1,500.00 1,500.00

05/31/2019 Interest 912828G61 250,000.00 US Treasury Note1.5% Due 11/30/2019

0.00 1,875.00 1,875.00




Account #691


05/31/2019 Interest 912828R69 300,000.00 US Treasury Note1.625% Due 5/31/2023

0.00 2,437.50 2,437.50

MAY 2019 147,113.30 104,900.45 252,013.75

06/08/2019 Interest 3130A0F70 325,000.00 FHLB Note3.375% Due 12/8/2023

0.00 5,484.38 5,484.38

06/08/2019 Interest 69353RFL7 250,000.00 PNC Bank Callable Note Cont 5/9/20233.5% Due 6/8/2023

0.00 4,375.00 4,375.00

06/09/2019 Interest 313383QR5 250,000.00 FHLB Note3.25% Due 6/9/2023

0.00 4,062.50 4,062.50

06/09/2019 Interest 3130AEB25 2,250,000.00 FHLB Note3.25% Due 6/9/2028

0.00 36,562.50 36,562.50

06/10/2019 Interest 3130A0EN6 130,000.00 FHLB Note2.875% Due 12/10/2021

0.00 1,868.75 1,868.75

06/10/2019 Interest 313381FD2 1,250,000.00 FHLB Note2.5% Due 12/10/2027

0.00 15,625.00 15,625.00

06/11/2019 Interest 3130A3VD3 1,500,000.00 FHLB Note2.625% Due 6/11/2027

0.00 19,687.50 19,687.50

06/11/2019 Interest 313379RB7 300,000.00 FHLB Note1.875% Due 6/11/2021

0.00 2,812.50 2,812.50

06/12/2019 Interest 313383HU8 500,000.00 FHLB Note1.75% Due 6/12/2020

0.00 4,375.00 4,375.00


0.00 1,312.50 1,312.50

06/15/2019 Interest 097023BQ7 200,000.00 Boeing Co Callable Note Cont 4/15/20231.875% Due 6/15/2023

0.00 1,875.00 1,875.00


0.00 721.88 721.88


74.64 0.52 75.16


3,317.11 253.39 3,570.50


1,934.73 136.95 2,071.68




Account #691



784.11 64.77 848.88


2,483.04 205.09 2,688.13


1,360.33 17.43 1,377.76


3,381.25 83.42 3,464.67


3,752.54 426.73 4,179.27


13,123.96 276.88 13,400.84


563.55 13.90 577.45


4,825.99 332.72 5,158.71


2,071.28 195.48 2,266.76


58.08 0.69 58.77

06/19/2019 Interest 3137EAEN5 250,000.00 FHLMC Note2.75% Due 6/19/2023

0.00 3,437.50 3,437.50

06/20/2019 Maturity 62479MTL7 100,000.00 MUFG Bank Ltd/NY Discount CP2.6% Due 6/20/2019

99,133.33 866.67 100,000.00


8,582.27 334.74 8,917.01

06/26/2019 Interest 931142EK5 180,000.00 Wal-Mart Stores Callable Note Cont 5/26/20233.4% Due 6/26/2023

0.00 3,060.00 3,060.00

JUN 2019 145,446.21 108,469.39 253,915.60

07/05/2019 Interest 404280BF5 400,000.00 HSBC Holdings PLC Note2.65% Due 1/5/2022

0.00 5,300.00 5,300.00


0.00 6,625.00 6,625.00




Account #691


07/06/2019 Interest 24422ETL3 500,000.00 John Deere Capital Corp Note2.65% Due 1/6/2022

0.00 6,625.00 6,625.00

07/06/2019 Interest 24422EUA5 250,000.00 John Deere Capital Corp Note2.7% Due 1/6/2023

0.00 3,375.00 3,375.00

07/06/2019 Interest 31331JAQ6 500,000.00 FFCB Note4.25% Due 1/6/2020

0.00 10,625.00 10,625.00

07/14/2019 Interest 3130A8QS5 250,000.00 FHLB Note1.125% Due 7/14/2021

0.00 1,406.25 1,406.25

07/14/2019 Interest 02665WCJ8 500,000.00 American Honda Finance Note3.45% Due 7/14/2023

0.00 8,625.00 8,625.00

07/15/2019 Dividend 90LAIF$00 9,777,675.45 Local Agency Investment Fund State Pool 0.00 655.75 655.75

07/15/2019 Interest 9128285V8 150,000.00 US Treasury Note2.5% Due 1/15/2022

0.00 1,875.00 1,875.00


785.65 63.03 848.68


1,939.45 132.39 2,071.84


3,277.17 78.29 3,355.46


3,325.22 245.51 3,570.73


1,361.90 15.86 1,377.76


12,653.87 253.91 12,907.78


3,762.25 417.10 4,179.35


2,487.89 199.59 2,687.48


68.15 0.44 68.59


546.19 13.05 559.24




Account #691


07/18/2019 Maturity 89236TBP9 125,000.00 Toyota Motor Credit Corp Note2.125% Due 7/18/2019

125,000.00 1,328.13 126,328.13


58.13 0.61 58.74


2,076.47 190.29 2,266.76


4,838.58 321.66 5,160.24

07/20/2019 Interest 45950KCJ7 450,000.00 International Finance Corp Note1.125% Due 7/20/2021

0.00 2,531.25 2,531.25


8,329.05 313.64 8,642.69

07/23/2019 Interest 90331HNL3 375,000.00 US Bank NA Callable Note Cont 12/23/222.85% Due 1/23/2023

0.00 5,343.75 5,343.75

07/23/2019 Interest 46625HKA7 125,000.00 JP Morgan Chase Callable Note Cont 12/23/20192.25% Due 1/23/2020

0.00 1,406.25 1,406.25

07/23/2019 Interest 46625HKA7 500,000.00 JP Morgan Chase Callable Note Cont 12/23/20192.25% Due 1/23/2020

0.00 5,625.00 5,625.00


0.00 7,125.00 7,125.00

07/25/2019 Interest 45950KCM0 210,000.00 International Finance Corp Note2.25% Due 1/25/2021

0.00 2,362.50 2,362.50

07/26/2019 Interest 459058FY4 500,000.00 Intl. Bank Recon & Development Note2% Due 1/26/2022

0.00 5,000.00 5,000.00

07/30/2019 Interest 94974BGF1 250,000.00 Wells Fargo Corp Note2.15% Due 1/30/2020

0.00 2,687.50 2,687.50

07/31/2019 Interest 912828H52 250,000.00 US Treasury Note1.25% Due 1/31/2020

0.00 1,562.50 1,562.50

07/31/2019 Interest 912828WY2 170,000.00 US Treasury Note2.25% Due 7/31/2021

0.00 1,912.50 1,912.50

07/31/2019 Interest 912828N89 200,000.00 US Treasury Note1.375% Due 1/31/2021

0.00 1,375.00 1,375.00


0.00 2,812.50 2,812.50




Account #691


07/31/2019 Interest 912828XM7 300,000.00 US Treasury Note1.625% Due 7/31/2020

0.00 2,437.50 2,437.50

07/31/2019 Interest 9128283S7 150,000.00 US Treasury Note2% Due 1/31/2020

0.00 1,500.00 1,500.00

07/31/2019 Interest 912828B58 100,000.00 US Treasury Note2.125% Due 1/31/2021

0.00 1,062.50 1,062.50

JUL 2019 170,509.97 93,429.25 263,939.22

08/01/2019 Interest 880591EU2 1,000,000.00 Tennessee Valley Authority Note2.875% Due 2/1/2027

0.00 14,375.00 14,375.00

08/02/2019 Maturity 3135G0N33 100,000.00 FNMA Note0.875% Due 8/2/2019

100,000.00 437.50 100,437.50

08/06/2019 Interest 44932HAH6 350,000.00 IBM Credit Corp Note3% Due 2/6/2023

0.00 5,250.00 5,250.00

08/08/2019 Interest 594918BP8 355,000.00 Microsoft Callable Note Cont 7/8/211.55% Due 8/8/2021

0.00 2,751.25 2,751.25


0.00 1,937.50 1,937.50

08/12/2019 Interest 3137EAEC9 250,000.00 FHLMC Note1.125% Due 8/12/2021

0.00 1,406.25 1,406.25


0.00 21,375.00 21,375.00

08/15/2019 Interest 9128284V9 2,000,000.00 US Treasury Note2.875% Due 8/15/2028

0.00 28,750.00 28,750.00

08/15/2019 Interest 912828J27 1,000,000.00 US Treasury Note2% Due 2/15/2025

0.00 10,000.00 10,000.00

08/15/2019 Interest 912828K74 2,000,000.00 US Treasury Note2% Due 8/15/2025

0.00 20,000.00 20,000.00


0.00 25,312.50 25,312.50

08/15/2019 Maturity 02665WAH4 250,000.00 American Honda Finance Note2.25% Due 8/15/2019

250,000.00 2,812.50 252,812.50


2,492.77 194.07 2,686.84




Account #691



61.64 0.36 62.00


3,172.87 73.32 3,246.19


3,771.98 407.44 4,179.42


528.81 12.22 541.03


787.19 61.29 848.48


1,944.20 127.81 2,072.01


1,363.48 14.28 1,377.76


12,182.38 231.76 12,414.14


3,333.34 237.62 3,570.96

08/18/2019 Interest 3130A7CV5 300,000.00 FHLB Note1.375% Due 2/18/2021

0.00 2,062.50 2,062.50


4,851.21 310.57 5,161.78


2,081.68 185.08 2,266.76


58.18 0.53 58.71

08/19/2019 Interest 459200JF9 105,000.00 IBM Corp Note2.25% Due 2/19/2021

0.00 1,181.25 1,181.25


8,074.88 293.17 8,368.05

08/23/2019 Interest 037833BS8 500,000.00 Apple Inc Callable Note Cont 1/23/20212.25% Due 2/23/2021

0.00 5,625.00 5,625.00

08/26/2019 Interest 3135G0J20 250,000.00 FNMA Note1.375% Due 2/26/2021

0.00 1,718.75 1,718.75




Account #691


08/31/2019 Interest 912828L24 250,000.00 US Treasury Note1.875% Due 8/31/2022

0.00 2,343.75 2,343.75

AUG 2019 394,704.61 149,488.27 544,192.88

09/01/2019 Interest 30231GAV4 250,000.00 Exxon Mobil Corp Callable Note Cont 2/1/20212.222% Due 3/1/2021

0.00 2,777.50 2,777.50

09/03/2019 Interest 166764AR1 125,000.00 Chevron Corp Callable Note Cont 2/3/20201.961% Due 3/3/2020

0.00 1,225.63 1,225.63

09/05/2019 Interest 06051GHF9 125,000.00 Bank of America Corp Callable Note 1X 3/5/20233.55% Due 3/5/2024

0.00 2,218.75 2,218.75

09/06/2019 Interest 3135G0ZR7 2,000,000.00 FNMA Note2.625% Due 9/6/2024

0.00 26,250.00 26,250.00

09/08/2019 Interest 44932HAC7 500,000.00 IBM Credit Corp Note2.2% Due 9/8/2022

0.00 5,500.00 5,500.00

09/08/2019 Interest 313383YJ4 250,000.00 FHLB Note3.375% Due 9/8/2023

0.00 4,218.75 4,218.75

09/10/2019 Interest 3130ACKB9 1,000,000.00 FHLB Note2.625% Due 9/10/2027

0.00 13,125.00 13,125.00

09/11/2019 Interest 313378CR0 250,000.00 FHLB Note2.25% Due 3/11/2022

0.00 2,812.50 2,812.50

09/11/2019 Interest 89114QCB2 175,000.00 Toronto Dominion Bank Note3.25% Due 3/11/2024

0.00 2,843.75 2,843.75

09/11/2019 Interest 3130A2VE3 1,000,000.00 FHLB Note3% Due 9/11/2026

0.00 15,000.00 15,000.00

09/11/2019 Maturity 06406HCW7 250,000.00 Bank of New York Callable Note Cont 8/11/20192.3% Due 9/11/2019

250,000.00 2,875.00 252,875.00

09/13/2019 Interest 3130A2UW4 1,000,000.00 FHLB Note2.875% Due 9/13/2024

0.00 14,375.00 14,375.00

09/14/2019 Interest 4581X0CZ9 425,000.00 Inter-American Dev Bank Note1.75% Due 9/14/2022

0.00 3,718.75 3,718.75

09/15/2019 Interest 084670BR8 175,000.00 Berkshire Hathaway Callable Note Cont 1/15/20232.75% Due 3/15/2023

0.00 2,406.25 2,406.25

09/15/2019 Interest 084670BQ0 125,000.00 Berkshire Hathaway Callable Note Cont 2/15/20212.2% Due 3/15/2021

0.00 1,375.00 1,375.00




Account #691



511.39 11.42 522.81


1,365.06 12.70 1,377.76


2,497.65 188.55 2,686.20


11,709.47 210.45 11,919.92


3,068.35 68.51 3,136.86


3,781.73 397.76 4,179.49


55.09 0.29 55.38


3,341.49 229.70 3,571.19


788.73 59.54 848.27


1,948.95 123.23 2,072.18


58.23 0.46 58.69


2,086.90 179.86 2,266.76


4,863.86 299.45 5,163.31


7,819.77 273.32 8,093.09

09/24/2019 Interest 3135G0Q22 2,500,000.00 FNMA Note1.875% Due 9/24/2026

0.00 23,437.50 23,437.50

09/30/2019 Interest 9128284D9 100,000.00 US Treasury Note2.5% Due 3/31/2023

0.00 1,250.00 1,250.00

09/30/2019 Interest 912828T34 300,000.00 US Treasury Note1.125% Due 9/30/2021

0.00 1,687.50 1,687.50




Account #691


09/30/2019 Interest 912828J76 250,000.00 US Treasury Note1.75% Due 3/31/2022

0.00 2,187.50 2,187.50


0.00 2,187.50 2,187.50

09/30/2019 Interest 912828F21 170,000.00 US Treasury Note2.125% Due 9/30/2021

0.00 1,806.25 1,806.25

09/30/2019 Interest 912828VZ0 100,000.00 US Treasury Note2% Due 9/30/2020

0.00 1,000.00 1,000.00

09/30/2019 Maturity 912828F39 125,000.00 US Treasury Note1.75% Due 9/30/2019

125,000.00 1,093.75 126,093.75

SEP 2019 418,896.67 137,427.12 556,323.79

10/05/2019 Interest 3135G0T45 500,000.00 FNMA Note1.875% Due 4/5/2022

0.00 4,687.50 4,687.50

10/07/2019 Interest 3135G0Q89 200,000.00 FNMA Note1.375% Due 10/7/2021

0.00 1,375.00 1,375.00

10/08/2019 Maturity 68389XAX3 250,000.00 Oracle Corp Note2.25% Due 10/8/2019

250,000.00 2,812.50 252,812.50

10/13/2019 Interest 3135G0U27 110,000.00 FNMA Note2.5% Due 4/13/2021

0.00 1,375.00 1,375.00


493.94 10.64 504.58


48.52 0.23 48.75


3,349.66 221.76 3,571.42


2,502.54 183.01 2,685.55


1,366.64 11.12 1,377.76


2,963.62 63.85 3,027.47


3,791.51 388.05 4,179.56




Account #691



11,235.18 189.95 11,425.13


790.28 57.79 848.07


1,953.72 118.63 2,072.35


4,876.54 288.31 5,164.85


2,092.14 174.62 2,266.76


58.28 0.38 58.66

10/20/2019 Interest 3137EAEF2 140,000.00 FHLMC Note1.375% Due 4/20/2020

0.00 962.50 962.50


7,563.72 254.09 7,817.81

10/24/2019 Interest 3135G0K36 2,500,000.00 FNMA Note2.125% Due 4/24/2026

0.00 26,562.50 26,562.50

10/28/2019 Interest 06406RAG2 500,000.00 Bank of NY Mellon Corp Note3.5% Due 4/28/2023

0.00 8,750.00 8,750.00

10/30/2019 Interest 912828WZ9 250,000.00 US Treasury Note1.75% Due 4/30/2022

0.00 2,187.50 2,187.50

10/30/2019 Interest 713448CS5 410,000.00 PepsiCo Inc Callable Note Cont 3/30/20201.85% Due 4/30/2020

0.00 3,792.50 3,792.50


0.00 1,375.00 1,375.00


0.00 1,875.00 1,875.00

10/31/2019 Maturity 912828F62 110,000.00 US Treasury Note1.5% Due 10/31/2019

110,000.00 825.00 110,825.00

OCT 2019 403,086.29 58,542.43 461,628.72

11/11/2019 Interest 037833CQ1 100,000.00 Apple Inc Callable Note Cont 4/11/222.3% Due 5/11/2022

0.00 1,150.00 1,150.00




Account #691


11/15/2019 Interest 9128283F5 1,750,000.00 US Treasury Note2.25% Due 11/15/2027

0.00 19,687.50 19,687.50


0.00 8,125.01 8,125.01

11/15/2019 Interest 912828U24 1,400,000.00 US Treasury Note2% Due 11/15/2026

0.00 14,000.00 14,000.00

11/15/2019 Interest 912828G38 1,250,000.00 US Treasury Note2.25% Due 11/15/2024

0.00 14,062.50 14,062.50

11/15/2019 Maturity 166764AN0 500,000.00 Chevron Corp Callable Note Cont 10/15/20192.193% Due 11/15/2019

500,000.00 5,482.50 505,482.50

11/15/2019 Maturity 166764AN0 250,000.00 Chevron Corp Callable Note Cont 10/15/20192.193% Due 11/15/2019

250,000.00 2,741.25 252,741.25

11/15/2019 Maturity 3130AA3R7 150,000.00 FHLB Note1.375% Due 11/15/2019

150,000.00 1,031.25 151,031.25


476.45 9.89 486.34


41.93 0.17 42.10


1,368.22 9.54 1,377.76


2,507.45 177.46 2,684.91


10,759.47 170.29 10,929.76


2,858.66 59.36 2,918.02


3,801.32 378.32 4,179.64


3,357.84 213.81 3,571.65


791.82 56.04 847.86


1,958.49 114.02 2,072.51




Account #691


11/17/2019 Interest 3137EAEK1 425,000.00 FHLMC Note1.875% Due 11/17/2020

0.00 3,984.38 3,984.38

11/18/2019 Interest 58933YAF2 93,000.00 Merck & Co Note2.8% Due 5/18/2023

0.00 1,302.00 1,302.00


4,889.27 277.13 5,166.40


58.32 0.31 58.63


2,097.38 169.38 2,266.76

11/19/2019 Interest 857477AV5 255,000.00 State Street Bank Note1.95% Due 5/19/2021

0.00 2,486.25 2,486.25


0.00 5,625.00 5,625.00


0.00 2,812.50 2,812.50


7,306.70 235.50 7,542.20

11/24/2019 Interest 09247XAH4 200,000.00 Blackrock Inc Note4.25% Due 5/24/2021

0.00 4,250.00 4,250.00

11/30/2019 Interest 3135G0F73 500,000.00 FNMA Note1.5% Due 11/30/2020

0.00 3,750.00 3,750.00

11/30/2019 Interest 912828XE5 200,000.00 US Treasury Note1.5% Due 5/31/2020

0.00 1,500.00 1,500.00

11/30/2019 Interest 912828R69 300,000.00 US Treasury Note1.625% Due 5/31/2023

0.00 2,437.50 2,437.50


0.00 2,656.25 2,656.25

11/30/2019 Interest 912828XR6 300,000.00 US Treasury Note1.75% Due 5/31/2022

0.00 2,625.00 2,625.00

11/30/2019 Maturity 912828G61 250,000.00 US Treasury Note1.5% Due 11/30/2019

250,000.00 1,875.00 251,875.00

NOV 2019 1,192,273.32 103,455.11 1,295,728.43




Account #691


12/08/2019 Interest 3130A0F70 325,000.00 FHLB Note3.375% Due 12/8/2023

0.00 5,484.38 5,484.38

12/08/2019 Interest 69353RFL7 250,000.00 PNC Bank Callable Note Cont 5/9/20233.5% Due 6/8/2023

0.00 4,375.00 4,375.00

12/09/2019 Interest 313383QR5 250,000.00 FHLB Note3.25% Due 6/9/2023

0.00 4,062.50 4,062.50

12/09/2019 Interest 3130AEB25 2,250,000.00 FHLB Note3.25% Due 6/9/2028

0.00 36,562.50 36,562.50

12/10/2019 Interest 313381FD2 1,250,000.00 FHLB Note2.5% Due 12/10/2027

0.00 15,625.00 15,625.00

12/10/2019 Interest 3130A0EN6 130,000.00 FHLB Note2.875% Due 12/10/2021

0.00 1,868.75 1,868.75

12/11/2019 Interest 3130A3VD3 1,500,000.00 FHLB Note2.625% Due 6/11/2027

0.00 19,687.50 19,687.50

12/11/2019 Interest 313379RB7 300,000.00 FHLB Note1.875% Due 6/11/2021

0.00 2,812.50 2,812.50


0.00 4,375.00 4,375.00


0.00 1,312.50 1,312.50

12/15/2019 Interest 097023BQ7 200,000.00 Boeing Co Callable Note Cont 4/15/20231.875% Due 6/15/2023

0.00 1,875.00 1,875.00

12/15/2019 Maturity 912828U73 105,000.00 US Treasury Note1.375% Due 12/15/2019

105,000.00 721.88 105,721.88


793.37 54.29 847.66


2,512.36 171.90 2,684.26


35.32 0.12 35.44


458.92 9.17 468.09


2,753.50 55.02 2,808.52




Account #691



3,811.15 368.56 4,179.71


1,369.81 7.95 1,377.76


10,282.35 151.46 10,433.81


1,963.28 109.40 2,072.68


3,366.05 205.83 3,571.88


2,102.64 164.12 2,266.76


58.37 0.23 58.60


4,902.01 265.93 5,167.94

12/19/2019 Interest 3137EAEN5 250,000.00 FHLMC Note2.75% Due 6/19/2023

0.00 3,437.50 3,437.50


7,048.73 217.54 7,266.27

12/26/2019 Interest 931142EK5 180,000.00 Wal-Mart Stores Callable Note Cont 5/26/20233.4% Due 6/26/2023

0.00 3,060.00 3,060.00

DEC 2019 146,457.86 107,041.53 253,499.39


0.00 6,625.00 6,625.00


0.00 5,300.00 5,300.00

01/06/2020 Interest 24422EUA5 250,000.00 John Deere Capital Corp Note2.7% Due 1/6/2023

0.00 3,375.00 3,375.00

01/06/2020 Interest 24422ETL3 500,000.00 John Deere Capital Corp Note2.65% Due 1/6/2022

0.00 6,625.00 6,625.00

01/06/2020 Maturity 31331JAQ6 500,000.00 FFCB Note4.25% Due 1/6/2020

500,000.00 10,625.00 510,625.00




Account #691


01/14/2020 Interest 3130A8QS5 250,000.00 FHLB Note1.125% Due 7/14/2021

0.00 1,406.25 1,406.25

01/14/2020 Interest 02665WCJ8 500,000.00 American Honda Finance Note3.45% Due 7/14/2023

0.00 8,625.00 8,625.00


0.00 1,875.00 1,875.00


794.93 52.53 847.46


1,968.08 104.77 2,072.85


441.36 8.47 449.83


28.67 0.08 28.75


1,371.39 6.37 1,377.76


2,517.28 166.33 2,683.61


9,803.80 133.47 9,937.27


2,648.11 50.85 2,698.96


3,821.00 358.78 4,179.78


3,374.28 197.84 3,572.12


4,914.81 254.69 5,169.50


58.42 0.15 58.57


2,107.92 158.84 2,266.76

01/20/2020 Interest 45950KCJ7 450,000.00 International Finance Corp Note1.125% Due 7/20/2021

0.00 2,531.25 2,531.25




Account #691



58.47 0.01 58.48


6,789.80 200.21 6,990.01


0.00 5,343.75 5,343.75


0.00 7,125.00 7,125.00

01/23/2020 Maturity 46625HKA7 500,000.00 JP Morgan Chase Callable Note Cont 12/23/20192.25% Due 1/23/2020

500,000.00 5,625.00 505,625.00

01/23/2020 Maturity 46625HKA7 125,000.00 JP Morgan Chase Callable Note Cont 12/23/20192.25% Due 1/23/2020

125,000.00 1,406.25 126,406.25

01/25/2020 Interest 45950KCM0 210,000.00 International Finance Corp Note2.25% Due 1/25/2021

0.00 2,362.50 2,362.50

01/26/2020 Interest 459058FY4 500,000.00 Intl. Bank Recon & Development Note2% Due 1/26/2022

0.00 5,000.00 5,000.00

01/30/2020 Maturity 94974BGF1 250,000.00 Wells Fargo Corp Note2.15% Due 1/30/2020

250,000.00 2,687.50 252,687.50

01/31/2020 Interest 912828N89 200,000.00 US Treasury Note1.375% Due 1/31/2021

0.00 1,375.00 1,375.00


0.00 2,812.50 2,812.50

01/31/2020 Interest 912828XM7 300,000.00 US Treasury Note1.625% Due 7/31/2020

0.00 2,437.50 2,437.50

01/31/2020 Interest 912828B58 100,000.00 US Treasury Note2.125% Due 1/31/2021

0.00 1,062.50 1,062.50

01/31/2020 Interest 912828WY2 170,000.00 US Treasury Note2.25% Due 7/31/2021

0.00 1,912.50 1,912.50

01/31/2020 Maturity 9128283S7 150,000.00 US Treasury Note2% Due 1/31/2020

150,000.00 1,500.00 151,500.00

01/31/2020 Maturity 912828H52 250,000.00 US Treasury Note1.25% Due 1/31/2020

250,000.00 1,562.50 251,562.50

JAN 2020 1,815,698.32 90,893.39 1,906,591.71




Account #691


02/01/2020 Interest 880591EU2 1,000,000.00 Tennessee Valley Authority Note2.875% Due 2/1/2027

0.00 14,375.00 14,375.00

02/06/2020 Interest 44932HAH6 350,000.00 IBM Credit Corp Note3% Due 2/6/2023

0.00 5,250.00 5,250.00


0.00 1,937.50 1,937.50


0.00 2,751.25 2,751.25

02/12/2020 Interest 3137EAEC9 250,000.00 FHLMC Note1.125% Due 8/12/2021

0.00 1,406.25 1,406.25


0.00 21,375.00 21,375.00


0.00 25,312.50 25,312.50

02/15/2020 Interest 912828J27 1,000,000.00 US Treasury Note2% Due 2/15/2025

0.00 10,000.00 10,000.00

02/15/2020 Interest 912828K74 2,000,000.00 US Treasury Note2% Due 8/15/2025

0.00 20,000.00 20,000.00


0.00 28,750.00 28,750.00


796.49 50.76 847.25


1,972.89 100.13 2,073.02


2,542.51 46.83 2,589.34


3,830.88 348.97 4,179.85


1,372.98 4.78 1,377.76


9,323.84 116.31 9,440.15


3,382.53 189.82 3,572.35




Account #691



423.75 7.81 431.56


2,522.21 160.75 2,682.96


21.99 0.05 22.04

02/18/2020 Interest 3130A7CV5 300,000.00 FHLB Note1.375% Due 2/18/2021

0.00 2,062.50 2,062.50


4,927.62 243.43 5,171.05


2,113.21 153.55 2,266.76

02/19/2020 Interest 459200JF9 105,000.00 IBM Corp Note2.25% Due 2/19/2021

0.00 1,181.25 1,181.25


6,529.90 183.52 6,713.42

02/23/2020 Interest 037833BS8 500,000.00 Apple Inc Callable Note Cont 1/23/20212.25% Due 2/23/2021

0.00 5,625.00 5,625.00

02/26/2020 Interest 3135G0J20 250,000.00 FNMA Note1.375% Due 2/26/2021

0.00 1,718.75 1,718.75


0.00 2,343.75 2,343.75

FEB 2020 39,760.80 145,695.46 185,456.26

03/01/2020 Interest 30231GAV4 250,000.00 Exxon Mobil Corp Callable Note Cont 2/1/20212.222% Due 3/1/2021

0.00 2,777.50 2,777.50

03/03/2020 Maturity 166764AR1 125,000.00 Chevron Corp Callable Note Cont 2/3/20201.961% Due 3/3/2020

125,000.00 1,225.63 126,225.63

03/05/2020 Interest 06051GHF9 125,000.00 Bank of America Corp Callable Note 1X 3/5/20233.55% Due 3/5/2024

0.00 2,218.75 2,218.75

03/06/2020 Interest 3135G0ZR7 2,000,000.00 FNMA Note2.625% Due 9/6/2024

0.00 26,250.00 26,250.00

03/08/2020 Interest 313383YJ4 250,000.00 FHLB Note3.375% Due 9/8/2023

0.00 4,218.75 4,218.75




Account #691


03/08/2020 Interest 44932HAC7 500,000.00 IBM Credit Corp Note2.2% Due 9/8/2022

0.00 5,500.00 5,500.00

03/10/2020 Interest 3130ACKB9 1,000,000.00 FHLB Note2.625% Due 9/10/2027

0.00 13,125.00 13,125.00

03/11/2020 Interest 3130A2VE3 1,000,000.00 FHLB Note3% Due 9/11/2026

0.00 15,000.00 15,000.00

03/11/2020 Interest 313378CR0 250,000.00 FHLB Note2.25% Due 3/11/2022

0.00 2,812.50 2,812.50

03/11/2020 Interest 89114QCB2 175,000.00 Toronto Dominion Bank Note3.25% Due 3/11/2024

0.00 2,843.75 2,843.75

03/13/2020 Interest 3130A2UW4 1,000,000.00 FHLB Note2.875% Due 9/13/2024

0.00 14,375.00 14,375.00

03/14/2020 Interest 4581X0CZ9 425,000.00 Inter-American Dev Bank Note1.75% Due 9/14/2022

0.00 3,718.75 3,718.75

03/15/2020 Interest 084670BR8 175,000.00 Berkshire Hathaway Callable Note Cont 1/15/20232.75% Due 3/15/2023

0.00 2,406.25 2,406.25

03/15/2020 Interest 084670BQ0 125,000.00 Berkshire Hathaway Callable Note Cont 2/15/20212.2% Due 3/15/2021

0.00 1,375.00 1,375.00


798.04 49.00 847.04


1,977.71 95.48 2,073.19


1,374.57 3.19 1,377.76


3,390.79 181.79 3,572.58


2,436.69 42.98 2,479.67


3,840.79 339.14 4,179.93


2,527.15 155.16 2,682.31


15.28 0.03 15.31




Account #691



8,842.45 100.00 8,942.45


406.12 7.16 413.28


4,940.47 232.14 5,172.61


2,118.51 148.25 2,266.76


6,269.05 167.46 6,436.51

03/24/2020 Interest 3135G0Q22 2,500,000.00 FNMA Note1.875% Due 9/24/2026

0.00 23,437.50 23,437.50

03/31/2020 Interest 912828F21 170,000.00 US Treasury Note2.125% Due 9/30/2021

0.00 1,806.25 1,806.25

03/31/2020 Interest 9128284D9 100,000.00 US Treasury Note2.5% Due 3/31/2023

0.00 1,250.00 1,250.00


0.00 2,187.50 2,187.50

03/31/2020 Interest 912828VZ0 100,000.00 US Treasury Note2% Due 9/30/2020

0.00 1,000.00 1,000.00

03/31/2020 Interest 912828J76 250,000.00 US Treasury Note1.75% Due 3/31/2022

0.00 2,187.50 2,187.50


0.00 1,687.50 1,687.50

MAR 2020 163,937.62 132,924.91 296,862.53

04/05/2020 Interest 3135G0T45 500,000.00 FNMA Note1.875% Due 4/5/2022

0.00 4,687.50 4,687.50

04/07/2020 Interest 3135G0Q89 200,000.00 FNMA Note1.375% Due 10/7/2021

0.00 1,375.00 1,375.00

04/13/2020 Interest 3135G0U27 110,000.00 FNMA Note2.5% Due 4/13/2021

0.00 1,375.00 1,375.00


1,982.54 90.82 2,073.36




Account #691



388.44 6.55 394.99


1,376.17 1.59 1,377.76


2,330.65 39.28 2,369.93


3,850.72 329.28 4,180.00


8,359.64 84.52 8,444.16


2,532.09 149.56 2,681.65


8.55 0.01 8.56


3,399.08 173.74 3,572.82


799.61 47.23 846.84


2,123.82 142.94 2,266.76


4,953.36 220.82 5,174.18

04/20/2020 Maturity 3137EAEF2 140,000.00 FHLMC Note1.375% Due 4/20/2020

140,000.00 962.50 140,962.50


6,007.23 152.05 6,159.28

04/24/2020 Interest 3135G0K36 2,500,000.00 FNMA Note2.125% Due 4/24/2026

0.00 26,562.50 26,562.50

04/28/2020 Interest 06406RAG2 500,000.00 Bank of NY Mellon Corp Note3.5% Due 4/28/2023

0.00 8,750.00 8,750.00

APR 2020 178,111.90 45,150.89 223,262.79

TOTAL 5,215,996.87 1,277,418.20 6,493,415.07


Important DisclosuresCalifornia Joint Powers RMA Consolidated

Account #691

Chandler Asset Management, Inc. (“Chandler”) is an SEC registered investment adviser. For additional information about our firm, please see our current disclosures (Form ADV). To obtain a copy of our current disclosures, you may contact your client service representative by calling the number on the front of this statement or you may visit our website at www.chandlerasset.com.

Information contained in this monthly statement is confidential and is provided for informational purposes only and should not be construed as specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of this statement, but may become outdated or superseded at any time without notice.

Custody: Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does not have any authority to withdraw or deposit funds from/to the custodian account.

Valuation: Prices are provided by IDC, an independent pricing source. In the event IDC does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.

Performance: Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.

Source ice Data Indices, LLC ("ICE"), used with permission. ICE PERMITS USE OF THE ICE INDICES AND RELATED DATA ON AN "AS IS" BASIS; ICE, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES OR THEIR RESPECTIVE THIRD PARTY PROVIDERS GUARANTEE THE QUALITY, ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND LICENSEE'S USE IS AT LICENSEE'S OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY DO NOT SPONSOR, ENDORSE, OR RECOMMEND CHANDLER, OR ANY OF ITS PRODUCTS OR SERVICES.

Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.

Ratings: Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.

Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.


Back to Agenda


AGENDA BILL

ITEM: 7 TITLE: APPROVAL OF THE PROPOSED ADMINISTRATIVE AND DIRECT PROGRAM BUDGET FOR FISCAL YEAR 2019-2020

MEETING: 05/22 – 5/23/2019

GENERAL MANAGER:


Staff recommends approval of the FY 2019-2020 administrative and direct program budget.


This item addresses Strategic Goal 1, Employ Customizable Products and Services to be Competitive.

Item Explanation:

The proposed budget for fiscal year 2019-2020 is attached for Board consideration. Also attached is a variance report for the current 2018-2019 fiscal year.

The budget is divided into two parts: (1) Administrative Budget and (2) Direct Program Expenditures.

The Administrative Budget are current year expenditures and consists of three sections: personnel, operations and capital outlay.

Direct Program Expenditures are operating costs directly associated with the coverage program. The direct program budget does not have a direct affect on current year income since these costs are charged against the liability account for claim expenses accrued per actuarial studies in previous years, but does show potential cash flow impact.

Current Budget FY 2018-2019:

The approved administrative budget for fiscal year 2018-2019 is $1,957,050. It is projected that expenditures will come in about $82,074 (4.2%) under budget. The reasons for the largest differences are shown in the attached variance report.

Personnel: $18,225 (1.6%) under budget.

Office Expenses: $23,007 (7.3%) under budget.

Professional Services: $(26,585) (20.4%) over budget.

Board Related Expenses: $9,446 (7.2%) under budget.

Building Operations: $7,981 (4.4%) under budget.

Capital Outlay: $50,000 (100%) under budget.

Back to Agenda

The Direct Program Budget is estimated to be $1,020,000 (60%) under expected. This is primarily due to lower than anticipated legal payments. At the excess level it is difficult to gauge what the direct program payments will be; this is always an approximation. The legal expenses do not impact the current year income since these were expensed in prior program years. The asset management fees are paid from the investment income.

Funding: FY 2018-2019 Administrative funding from liability premium $1,550,000 Property & APD Admin Fee 35,000 CSRMA member payments 19,500 DaVita rental income 121,187 Davita/Golden Gate Cam and PG&E payments 127,000 Total Funding 1,852,687 Projected Administrative Expenses 1,874,976 Unfavorable position $( 22,289)

At the time the 2018-2019 budget was approved, it was believed the budget would end up $100,000 under funded. This was due to increased salary expense for the crossover of the general manager and assistant general manager. The increase was not as large as anticipated, and, as a result, the year is expected to end up only $22,000 under funded. Proposed Budget FY 2019-2020:

The proposed administrative budget for 2019-2020 decreases by $41,750 (2.1%) to $1,915,300

Personnel: $(65,250) (5.7%) decrease

• Salaries: $(56,000) (7.2%) decrease • Benefits/Expenses: $(9,250) (2.5%) decrease

Operations: $21,500 (3.7%) increase

• Office Expenses: $3,000 (1.0%) increase • Professional Services: $(5,500) (4.2%) decrease • Board Related Expenses: $24,000 (18.2%) increase • Building Ops: $2,000 (1.1%) increase

Capital Outlay: no change

Direct Program Expenses: $(50,000) (2.9%) decrease

Back to Agenda

Funding: FY 2019-2020

Approved administrative funding $1,550,000 Property & APD Admin Fee 35,000 CSRMA member payments 19,500 DaVita rental income 179,170 Davita/Golden Gate Cam and PG&E 132,000 Total Funding 1,915,670 Projected Administrative Expenses 1,915,300 Favorable position/(unfavorable) $ 370

Staff respectfully recommends that the Board approve the proposed FY 2019-20 administrative and direct program budgets.

Fiscal Impact:

1. 2019-2020 Expenditures:

Administrative $1,915,300 Direct Program $1,650,000 Total $3,565,300

Exhibits:

1. FY 2018-2019 Budget Variance Report 2. Proposed FY 2019-2020 Budget

G:\123DATA\BUDGET\FY 19-20\FY 18-19 budget variance rpt.docx

FY 2018-2019 Budget Variance Report

After reviewing the administrative expenditures for the 2018-2019 fiscal year, it is anticipated that we will end the year approximately $82,000 or 4.2% under budget. The following will provide you with a brief explanation of the key favorable and unfavorable results.

Line Item Budget to Actual

Favorable/ (Unfavorable)

Explanation

Administrative

Personnel

Salaries 16,000 Variance on vacation buy-out

PERS – Retirement (6,000) Underestimated PERS expense

Office Expenses

Contingency Fund 20,000 Not used. Requires Executive Committee approval.

Professional Services

Professional/Consulting Serv (33,457) Commission for DaVita lease extension

Board Related Expenses

Board Meeting Expense 9,000 Cost savings with fewer meetings

Annual Meeting 8,000 Not used

Capital Outlay $50,000 No capital purchases

6

CALIFORNIA JOINT POWERS RISK MANAGEMENT AUTHORITY (CJPRMA)FY 2019-20BUDGET SUMMARY

FY 18-19$ % Budget to

Current Proposed Proposed Projected ActualADMINISTRATIVE Proposed Budget Increase Increase Actual Favorable Actual ActualEXPENDITURES FY 19-20 FY 18-19 (Decrease) (Decrease) FY 18-19 (Unfavorable) FY 17-18 FY 16-17

PERSONNEL

Salaries 720,000 776,000 (56,000) -7.2% 760,000 16,000 643,798 598,015 Benefits/Expenses 362,000 371,250 (9,250) -2.5% 369,025 2,225 (51,307) 461,478

Total Personnel 1,082,000 1,147,250 (65,250) -5.7% 1,129,025 18,225 592,491 1,059,493

OPERATIONS

Office Expenses 318,200 315,200 3,000 1.0% 292,193 23,007 315,446 306,753 Professional Services 125,100 130,600 (5,500) -4.2% 157,185 (26,585) 137,523 110,741 Board Expenditures 156,000 132,000 24,000 18.2% 122,554 9,446 150,092 157,025

Total Operations 599,300 577,800 21,500 3.7% 571,932 5,868 603,061 574,519

BUILDING OPERATIONS

Building Operations 184,000 182,000 2,000 1.1% 174,019 7,981 171,752 156,784

CAPITAL OUTLAY

Capital Outlay 50,000 50,000 - 0.0% - 50,000 56,385 -

Total Capital Outlay 50,000 50,000 - 0.0% - 50,000 56,385 -

TOTAL ADMINISTRATIVE EXPENDITURES 1,915,300 1,957,050 (41,750) -2.1% 1,874,976 82,074 1,423,689 1,790,796

7

CALIFORNIA JOINT POWERS RISK MANAGEMENT AUTHORITY (CJPRMA)FY 2019-20BUDGET SUMMARY


Current Proposed Proposed Projected ActualDIRECT PROGRAM Proposed Budget Increase Increase Actual Favorable Actual ActualEXPENDITURES FY 19-20 FY 18-19 (Decrease) (Decrease) FY 18-19 (Unfavorable) FY 17-18 FY 16-17

Total Direct Program 1,650,000 1,700,000 (50,000) -2.9% 680,000 1,020,000 1,116,782 1,906,486

Total Administrative andDirect Program Expenditures 3,565,300$ 3,657,050$ (91,750)$ -2.5% 2,554,976$ 1,102,074$ 2,540,471$ 3,697,282$

8

CALIFORNIA JOINT POWERS RISK MANAGEMENT AUTHORITY (CJPRMA)FY 2019-20PERSONNEL


Current Proposed Proposed Projected ActualProposed Budget Increase Increase Actual Favorable Actual Actual

PERSONNEL FY 19-20 FY 18-19 (Decrease) (Decrease) FY 18-19 (Unfavorable) FY 17-18 FY 16-17Salaries 720,000 776,000 (56,000) -7.2% 760,000 16,000 643,798 598,015 Auto Allowance 12,000 14,250 (2,250) -15.8% 15,000 (750) 8,077 12,231 Health Benefits 133,000 140,000 (7,000) -5.0% 139,000 1,000 113,127 124,042 Life Insurance 2,500 3,000 (500) -16.7% 2,100 900 2,583 2,725 OPEB Expense 50,000 50,000 - 0.0% 50,000 - (343,082) 88,601 Disability Insurance 6,700 8,000 (1,300) -16.3% 6,500 1,500 6,455 7,526 PERS - Retirement 140,000 134,000 6,000 4.5% 140,000 (6,000) 101,342 97,766 Workers' Comp Ins 5,000 6,900 (1,900) -27.5% 4,100 2,800 3,596 4,170 Payroll Tax Expense 11,000 11,500 (500) -4.3% 11,500 - 12,406 8,791 GM - Wellness Program 1,800 3,600 (1,800) -50.0% 825 2,775 1,765 1,835 GASB 68 Net Pension Exp - - - 0.0% - - 42,424 113,791

TOTAL PERSONNEL 1,082,000 1,147,250 (65,250) -5.7% 1,129,025 18,225 592,491 1,059,493

9

9

CALIFORNIA JOINT POWERS RISK MANAGEMENT AUTHORITY (CJPRMA)FY 2019-20OPERATIONS



OPERATIONS FY 19-20 FY 18-19 (Decrease) (Decrease) FY 18-19 (Unfavorable) FY 17-18 FY 16-17Office Expenses

Equipment Rental 25,000 26,000 (1,000) -3.8% 23,000 3,000 26,054 25,672 Office Liability/DIC Ins 17,000 13,000 4,000 30.8% 17,100 (4,100) 10,294 15,666 Bond Premiums 7,400 7,000 400 5.7% 7,000 - 6,991 6,905 Tuition Reimb 500 500 - 0.0% 500 - - - Office Supplies 6,000 7,000 (1,000) -14.3% 5,000 2,000 3,511 6,071 Janitorial Serv & Supplies 8,000 8,000 - 0.0% 7,700 300 7,827 7,090 Telecommunications 32,000 33,000 (1,000) -3.0% 32,000 1,000 33,332 32,491 Postage/Shipping 1,800 1,800 - 0.0% 1,500 300 1,764 1,416 Personnel Recruitment 1,000 2,000 (1,000) -50.0% - 2,000 12,324 - Dues/Memberships 2,500 2,500 - 0.0% 1,700 800 1,347 2,713 Publications/Subscriptions 4,000 5,000 (1,000) -20.0% 2,100 2,900 5,511 6,514 Copying/Printing 1,500 1,500 - 0.0% 1,400 100 1,372 252 Records Management 1,000 800 200 25.0% 1,500 (700) 687 714 Promotion/Advertising 500 500 - 0.0% 520 (20) 488 - Furniture & Equip Expensed 3,000 3,000 - 0.0% 2,300 700 1,432 3,435 Computer HW/SW Expensed 11,000 11,000 - 0.0% 8,900 2,100 12,643 6,475 IS Technical Support 29,000 28,000 1,000 3.6% 29,500 (1,500) 27,836 23,010 Website Support 1,000 1,000 - 0.0% 1,525 (525) 1,507 5,360 RMIS - Annual Fees/Support 85,000 84,600 400 0.5% 88,348 (3,748) 75,864 92,255 Temporary Services 1,000 1,000 - 0.0% - 1,000 1,800 - Admin - Training/Conf/Travel 22,000 20,000 2,000 10.0% 22,500 (2,500) 26,503 20,793 Risk Mgmt-Travel & Mtgs - 5,000 (5,000) -100.0% - 5,000 2,247 11,488 Risk Mgmt-Trng/Supplies/Spkrs 25,000 20,000 5,000 25.0% 23,000 (3,000) 41,824 26,996 Bank Charges 12,000 12,000 - 0.0% 11,000 1,000 11,622 10,864 Other Expenses 1,000 1,000 - 0.0% 4,100 (3,100) 666 573 Contingency Fund 20,000 20,000 - 0.0% - 20,000 - -

Total Office Expenses 318,200 315,200 3,000 1.0% 292,193 23,007 315,446 306,753

10

10

CALIFORNIA JOINT POWERS RISK MANAGEMENT AUTHORITY (CJPRMA)FY 2019-20OPERATIONS



OPERATIONS FY 19-20 FY 18-19 (Decrease) (Decrease) FY 18-19 (Unfavorable) FY 17-18 FY 16-17

Professional ServicesCAJPA Accreditation - - - 0.0% - - 5,250 - Actuarial Services 19,000 14,500 4,500 31.0% 20,128 (5,628) 13,500 13,500 MMSEA Reporting Service 8,000 8,000 - 0.0% 7,500 500 7,500 3,125 Audit - Financial 23,000 23,000 - 0.0% 23,000 - 33,541 21,815 Audit - Claims 35,000 40,000 (5,000) -12.5% 35,000 5,000 39,403 28,586 Legal-Board Counsel-G&A 25,000 30,000 (5,000) -16.7% 25,000 5,000 29,616 30,130 Legal-Outside-G&A 2,000 2,000 - 0.0% - 2,000 - - Treasurer Fees 3,600 3,600 - 0.0% 3,600 - 3,600 3,600 Professional Services 4,000 4,000 - 0.0% 37,457 (33,457) 300 5,296 Payroll Services 5,500 5,500 - 0.0% 5,500 - 4,813 4,689

Total Professional Services 125,100 130,600 (5,500) -4.2% 157,185 (26,585) 137,523 110,741

Board Related ExpensesGen'l Liability Training Reimb 12,000 12,000 - 0.0% 12,000 - 7,159 3,000 CSRMA Risk Control Online Se 39,000 33,000 6,000 18.2% 39,000 (6,000) 42,500 91,750 Board Meeting Travel Expense 9,000 8,000 1,000 12.5% 8,554 (554) 10,713 5,380 BOD - Conferences 35,000 35,000 - 0.0% 36,000 (1,000) 28,247 21,574 Board Meeting Expenses 11,000 14,000 (3,000) -21.4% 5,000 9,000 3,507 14,834 Annual Meeting 50,000 30,000 20,000 66.7% 22,000 8,000 57,966 20,487

Total Board Expenses 156,000 132,000 24,000 18.2% 122,554 9,446 150,092 157,025

11

11

CALIFORNIA JOINT POWERS RISK MANAGEMENT AUTHORITY (CJPRMA)FY 2019-20BUILDING OPERATIONS



BUILDING OPS FY 19-20 FY 18-19 (Decrease) (Decrease) FY 18-19 (Unfavorable) FY 17-18 FY 16-17Maint & Repair-Building 10,000 11,000 (1,000) -9.1% 7,000 4,000 10,863 8,879 Taxes & Assessments 11,000 11,000 - 0.0% 10,519 481 10,283 10,337 PG&E - Davita/GG* 72,000 70,000 2,000 2.9% 72,000 (2,000) 63,332 62,965 CAM - Davita/GG* 60,000 60,000 - 0.0% 55,000 5,000 59,583 48,202 PG&E - CJPRMA 11,000 10,000 1,000 10.0% 11,000 (1,000) 10,333 9,885 CAM - CJPRMA 20,000 20,000 - 0.0% 18,500 1,500 17,358 16,516

Building Operations 184,000 182,000 2,000 1.1% 174,019 7,981 171,752 156,784

*Costs charged back to Davita & Golden Gate

12

CALIFORNIA JOINT POWERS RISK MANAGEMENT AUTHORITY (CJPRMA)FY 2019-20CAPITAL OUTLAY



CAPITAL OUTLAY FY 19-20 FY 18-19 (Decrease) (Decrease) FY 18-19 (Unfavorable) FY 17-18 FY 16-17Capital Outlay 50,000 50,000 - 0.0% - 50,000 56,385 -

Total Capital Outlay 50,000 50,000 - 0.0% - 50,000 56,385 -

13

CALIFORNIA JOINT POWERS RISK MANAGEMENT AUTHORITY (CJPRMA)FY 2019-20DIRECT PROGRAM YEAR EXPENSES



Program Year Expenses FY 19-20 FY 18-19 (Decrease) (Decrease) FY 18-19 (Unfavorable) FY 17-18 FY 16-17Asset Mgmt Fees 75,000 75,000 - 0.0% 65,000 10,000 73,968 81,650 Legal-Board Counsel Claims 50,000 100,000 (50,000) -50.0% 10,000 90,000 61,557 103,904 Legal-Outside-Claims 1,500,000 1,500,000 - 0.0% 600,000 900,000 982,677 1,488,743 Other Claim Expenses 25,000 25,000 - 0.0% 5,000 20,000 (1,420) 232,189

Total Program Expenses 1,650,000 1,700,000 (50,000) -2.9% 680,000 1,020,000 1,116,782 1,906,486

14

CALIFORNIA JOINT POWERS RISK MANAGEMENT AUTHORITY (CJPRMA)FY 2019-20BUDGET FUNDING

FY 18-19

Projected Funding:PY 2018/2019 Administrative Funding 1,550,000$ Property & APD Admin Fee 35,000$ CSRMA Member Payments 19,500$ Davita Rental Income 121,187$ Davita/GG: CAM/PG&E 127,000$

1,852,687$ Expenses:Projected Administrative Expenditures 1,874,976$

Favorable/(Unfavorable) (22,289)$

FY 19-20

Projected Funding:PY 2019/2020 Administrative Funding 1,550,000$ Property & APD Admin Fee 35,000$ CSRMA Member Payments 19,500$ Davita Rental Income 179,170$ Davita/GG: CAM/PG&E 132,000$

1,915,670$ Expenses:Projected Administrative Expenditures 1,915,300$

Favorable/(Unfavorable) 370$

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AGENDA BILL

ITEM: 8 TITLE: APPROVAL OF LIABILITY AND AUTO PHYSICAL DAMAGE RENEWAL FOR PROGRAM YEAR 2019-2020

MEETING: 05/22 & 23/2019

GENERAL MANAGER:


Approval of the Aon insurance program renewal quotation. Authorize the general manager to bind the casualty, auto physical damage, office package, Office DIC, and all other commercial insurance programs provided by Aon Risk Services.


This item addresses two strategic goals: Strategic Goal 1, Employ Customizable Products and Services to be Competitive and Strategic Goal 3, Actively Market the Value of CJPRMA both Externally and Internally.

Item Explanation:

The Board of Directors received a report from Dr. William Deeb of Aon Risk Services at the March board meeting. Dr. Deeb advised the Board that renewals for the liability program would include increases as the market continues to exert upward pressure on premium.

Dr. Deeb, Aon Risk Services, will be attending this meeting and will report on the results of the marketing process for the 2019-2020 program year. Final quotations for all programs will be provided at the meeting.

The global reinsurance market for public entities has seen unprecedented increases in frequency. Carriers are taking a particularly close look at increases in frequency in claims involving police, auto liability and employment practices liability. CJPRMA has had an increase in frequency with several losses hitting Munich Re’s layer, and those losses have included police claims and auto liability claims.

Casualty Program:

Munich Re provides reinsurance with $20,000,000 in limits in excess of the $5,000,000 CJPRMA retained limit. The rate for the 2019-2020 program year will be $.1690. The expiring premium for the 2018-2019 program year is $1,889,382. The renewal quote for the 2019-2020 program year is $2,964,749. This represents an increase of $1,075,367, approximately 57%.

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SCOR provides the second reinsurance layer of $15,000,000 excess of $25,000,000. The rate for the 2019-2020 program year will be $. 0366. The expiring premium for the 2018-2019 program year is $396,958. The renewal quote for the 2019-2020 program year is $623,224. This represents an increase of $226,266, approximately 57%.

Increases to individual members will be based on these rate increases and their reportable payroll values.

Auto Physical Damage:

The Auto Physical Damage Program (APD) is currently insured by Hanover Insurance Company. Participants have reported nine losses to date this program year.

Hanover provided a quote for all members at .24/$100 in value for the entire program. The rate for the 2018-2019 program year was .20/$100. The expiring premium for the 2018-2019 program year is $658,186. The renewal quote for the 2019-2020 program year is $855,309. This represents an increase of $197,123, approximately 30%.

Cost changes to individual members will be based on this premium increase and the reported values of their vehicles.

Difference in Condition (DIC) Office Quote:

The expiring premium for the office DIC program with Rockhill Insurance Company for the 2018-2019 program year is $9,606.64. The renewal quote for 2019-2020 is $10,414.20 with GuideOne National Insurance Company. This is an increased cost from the expiring policy of $807.56, approximately 8.4%.

CJPRMA Office Policy:

Federal Insurance Company currently provides the office liability policy. The premium paid for the 2018-2019 program was $4,981.50. The renewal quote for 2019-2020 program year is $5,134.02. The increase of $152.52 is a 3% increase.

Crime Policy:

The crime policy is currently provided by Hartford. The premium paid for the 2018-2019 program was $6,991. Hartford provided a quote of $7,029. for the 2019-2020 program year. This is an increase in the amount of $38 for a 0.5% increase. Fiscal Impact:

1. Total contributions by individual members to be determined by payroll or exposure data. Exhibits:

1. To be provided at the meeting.

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AGENDA BILL

ITEM: 9 TITLE: APPROVAL OF THE REVISED PY 2019-2020 LIABILITY PREMIUM FUNDING

MEETING: 05/22 & 23/2019

GENERAL MANAGER:


Approval of the revised funding and rates for program year 2019-20.


This item addresses Strategic Goal 1, Employ Customizable Products and Services to be Competitive and Strategic Goal 3, Foster Informed and Engaged Board Leadership.

Item Explanation:

At the November 2018 board meeting, the Board of Directors approved the PY 2019-20 liability premium funding of $13,930,299 as shown below in (Table A). The funding for losses is determined by the actuary. The anticipated reinsurance and overhead funding amounts are provided to the actuary by staff.

When approval of the funding for PY 2019-20 was recommended by staff, it was projected that the reinsurance cost would increase 13% from the previous year to $2,802,514. The estimates are always subject to adjustment once the actual renewal amounts are known. Unfortunately this renewal wasn’t positive. The renewal reinsurance cost brought to us shows an increase of 57% for a total reinsurance cost of $3,804,690. This represents a shortfall of approximately $1 million in the funding previously approved. The funding that will be required for the program year is $14,932,475 as shown in (Table B).

PY 2019-20 Approved Rates & Funding

70% Confidence Level - Discounted (Table A)

Losses $9,577,785 Pool B 0.160 $2,578,989 Reinsurance 2,802,514 Pool C 0.399 6,998,796

Overhead 1,550,000 Pool D 0.248 4,352,514 Total $13,930,299 Total 0.807 $13,930,299

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PY 2019-20 Revised Rates & Funding

70% Confidence Level - Discounted (Table B)

Losses $9,577,785 Pool B 0.160 $2,578,989 Reinsurance 3,804,690 Pool C 0.399 6,998,796

Overhead 1,550,000 Pool D 0.305 5,354,690 Total $14,932,475 Total 0.864 $14,932,475

The total premium of $14,932,475 represents a 28% increase from the PY 2018-19 premium of $11,690,437. Attached is a spreadsheet which shows the preliminary premium for PY 2019-20, for each member, with the adjusted reinsurance funding. These premiums will be adjusted slightly once the final payroll figures have been submitted. This spreadsheet also shows the increase for each member from PY 2018-19 to PY 2019-20. We apologize we weren’t able to provide these numbers to you sooner but the reinsurance renewal process isn’t complete until the following May after the funding has been approved. Staff recommends approval of the revised PY 2019-20 funding of $14,932,475.

Fiscal Impact:

1. Premium revenue $14,932,475

Exhibits:

1. PY 2019-20 Preliminary Premium Calculation

PY 2019-2020 Preliminary Liability Premium CalculationIncluding Revised Reinsurance Cost

Losses 9,577,785 Pool B 2,578,989 0.16031 0.1603Reinsurance 3,804,690 Pool C 6,998,796 0.39884 0.3988Overhead 1,550,000 Pool D 5,354,690 0.30515 0.3051

14,932,475 14,932,475 0.86430 0.8643

Member

Estimate PY 19/20Payroll

Pool B Pool C Pool D

PY 19/20 Est. Liability

Premium

PY 18/19 Liability Premium

EstimatedIncrease

Alameda 52,714,225 84,508 210,245 160,856 455,609 356,973 98,636 Chico 31,931,767 51,191 127,356 97,439 275,986 216,237 59,749 Fairfield 57,989,584 92,965 231,285 176,953 501,204 392,696 108,508 Fremont 121,634,508 194,997 485,126 371,164 1,051,287 823,690 227,597 Livermore 49,082,792 78,686 195,761 149,775 424,223 332,381 91,842 LPFD 21,896,130 35,102 87,330 66,815 189,248 148,277 40,971 Lodi 32,774,323 52,542 130,717 100,010 283,268 221,943 61,325 NCCSIF 173,267,222 277,771 691,058 528,720 1,497,548 1,173,339 324,209 Petaluma 32,988,135 52,884 131,570 100,662 285,116 223,391 61,725 Redding 70,989,585 113,806 283,134 216,623 613,563 480,730 132,833 REMIF 116,263,404 186,386 463,704 354,774 1,004,864 787,318 217,546 Richmond 90,365,131 144,868 360,412 275,746 781,026 611,939 169,087 Roseville 119,939,336 192,279 478,365 365,991 1,036,636 812,211 224,425 San Leandro 37,138,741 59,538 148,124 113,328 320,990 251,498 69,492 San Rafael 42,027,600 67,376 167,623 128,246 363,244 284,604 78,640 Santa Rosa 127,043,391 203,668 506,699 387,669 1,098,036 860,318 237,718 SCORE 24,134,756 38,691 96,259 73,646 208,597 163,437 45,160 Stockton 146,076,377 - 582,610 445,748 1,028,358 796,471 231,887 Sunnyvale 110,117,910 176,534 439,194 336,021 951,749 745,701 206,048 Vacaville 62,231,291 99,765 248,203 189,897 537,865 421,421 116,444 YCPARMIA 234,184,653 375,430 934,020 714,607 2,024,058 1,585,862 438,196

1,754,790,860 2,578,989 6,998,796 5,354,690 14,932,475 11,690,437 3,242,038

$1M SIR

70% - Discounted

Back to Agenda


AGENDA BILL

ITEM: 10 TITLE: APPROVAL OF PROPERTY RENEWAL FOR PROGRAM YEAR 2019-2020

MEETING: 05/22 & 23/2019

GENERAL MANAGER:

Recommended Actions: Approval. The general manager recommends the Property Program participants approve the renewal proposal for the 2019-2020 program year and authorize the general manager to take appropriate actions to bind coverage. Strategic Direction: This item addresses Strategic Goal 1, Employ Customizable Products and Services to be Competitive. Item Explanation: CJPRMA transitioned the Property Program to Alliant Insurance Services for the 2016-2017 renewal. The program was created by Alliant and mirrors the Alliant Property Insurance Program (APIP) that is a proprietary program offered by Alliant. Mr. Robert Lowe, Vice President of Alliant Insurance Services will be attending this meeting and will provide the property program participants the quotations and options provided by the markets. The 2019-2020 program is structured with primary limits of $25 million and excess limits of $375 million. 75% of the primary layer is placed in the London market with Lloyd’s of London syndicates, and 25% is placed in the domestic market. Excess limits are provided by the APIP structure. The proposed percentage distribution among Lloyd’s and domestic carriers for the 2019-2020 program year has not been finalized as of May 15, 2019 and will be presented to members at the Board of Directors meeting on May 23, 2019. 2019-2020 Property Program/Boiler Machinery Quotations: Property program participants were presented an update on the initial strategy and anticipated costs for the 2019-2020 renewal at the March 2019 Board of Directors meeting. The underwriters expressed the need for the insurance market to move toward profitability and signaled that premium increases would be coming this year. They were pleased to see that attritional losses had decreased following the increase of the deductible to $100,000 with this program year. However, following the meetings with the underwriters, there was a major flood claim, and there are still several large active claims that have not yet been closed.

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Due to the volatile conditions of the property insurance market, carriers have been reluctant to provide quotes more than 60 days from renewal. Alliant has been working with the markets, and, as of May 15, 2019, the carriers have not provided final quotes for coverage. Final quotations will be provided to the Property Program participants at the Board of Directors meeting on May 23, 2019. In additional to the Property Program, renewal quotes will be provided for the Pollution Program, Drone Program and Cyber program. Finally, a quote for the Deadly Weapon Program (formally called “Active Shooter” coverage) will be presented to participants. While in London, staff attended a presentation on this program offered by Beazley. A presentation will be provided at this annual meeting regarding the impacts on public agencies from the active shooter terrorism events.

Staff recommends the Property Program participants authorize the general manager to take appropriate actions to bind the coverage. Fiscal Impact:

None currently. The ultimate financial impact will be based upon final submissions provided by the carriers.

Exhibits:

1. To be provided at the meeting.

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CALIFORNIA JOINT POWERS

RISK MANAGEMENT AUTHORITY

AGENDA BILL

ITEM: 11 TITLE: APPROVAL OF PROPERTY PROGRAM DEDUCTIBLE BUY-DOWN

MEETING: 05/22 & 23/2019

GENERAL MANAGER:


Recommend approval of the Property Program deductible buy-down for program year 2019-2020 and elimination of the deductible buy-down starting with program year 2020-2021.



In May 2018, the participants of the Property Program voted to increase the program deductible from $25,000 to $100,000 for program year 2019/19. At the same time, they voted a deductible buy-down option that allowed for a $50,000 buy-down for the first loss for a participant and a $25,000 buy-down for the second loss for the same participant. No buy-down is available for a third or subsequent loss in the program year. The buy-down option was intended as a temporary measure to transition to the increased deductible, and staff recommends that it be eliminated effective July 1, 2020. Continuing the buy-down for program year 2019/20 provides for an additional year of transition and allows program participants to plan for a $100,000 deductible with no buy-down beginning with program year 2020/21. Elimination of the buy-down will mean that participants will need to retain the first $100,000 of any covered property loss, which should encourage loss control efforts at the participant level. If the participants approve the elimination of the buy-down, any funds remaining in the buy-down pool will be returned to participants on a pro rata basis either as refunds or as a reduction of participant premium for the 2020-2021 program year. In program year 2018-2019, three losses qualified for the deductible buy-down. All three losses are still being adjusted, so neither the deductible nor the buy-down has been applied yet. The self-funded deductible buy-down is currently funded at $430,000. Fiscal Impact

None currently. The ultimate fiscal impact will depend on the decision of Property Program participants.

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AGENDA BILL

ITEM: 12 TITLE: APPROVAL OF CHANGES TO THE PROPERTY PROGRAM MEMORANDUM OF COVERAGE

MEETING: 05/22 – 5/23/2019

GENERAL MANAGER:


Adopt the Alliant Public Entity Property Insurance Program (PEPIP) coverage form as the governing form for the CJPRMA Property Program effective July 1, 2019. Approve four endorsements to that coverage form. Cancel the CJPRMA Memorandum of Coverage (MOC).



Prior to moving the Property Program to Alliant, the program was governed by a Memorandum of Coverage (MOC) that was reinsured following form to the MOC. With the move to Alliant, the coverage form for the Property Program has been the Alliant Public Entity Property Program (PEPIP) form. PEPIP is the leading element of the broader Alliant Property Insurance Program (APIP). There have been some challenges in aligning the MOC with PEPIP. The PEPIP form is very broad, and it is a large form. In trying to mirror the PEPIP form, there have been instances in which the MOC and the PEPIP form have been in conflict. This has created confusion for program participants and confusion when we need to provide coverage information to third parties (e.g. CalOES or FEMA). Rather than try to align the MOC with PEPIP and create confusion as to coverage, staff recommends adoption of the PEPIP form as the controlling document for the program and elimination of the MOC. Staff further recommends the approval of three endorsements to retain elements of the MOC that continue to be valuable to the Property Program. The endorsements are attached (Exhibits 2-4) and cover the following areas:

• Notice of Newly Acquired Property and Property Value Reporting • Notice of Loss • Exclusion of Certain Vacant Structures/Buildings

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Fiscal Impact: None currently. The ultimate financial impact will be based upon submissions provided by the carriers. Exhibits:

1. PEPIP Form 13 Master Wording 2. CJPRMA Property Program Endorsement 1: Notice of Newly Acquired Property and Property Value

Reporting 3. CJPRMA Property Program Endorsement 2: Notice of Loss 4. CJPRMA Property Program Endorsement 3: Exclusion of Certain Vacant Structures/Buildings

PEPIP USA FORM No.13

MASTER POLICY WORDING

COVERAGE INCEPTING

FROM JULY 1, 2017 TO JULY 1, 2018

Public Entity Property Insurance Program (PEPIP) Form No. 13

TABLE OF CONTENTS Page

SECTION I ................................................................................................................................................................... 1

GENERAL PROVISIONS .......................................................................................................................................... 1

A. INSURING AGREEMENT ............................................................................................................................. 1

B. NAMED INSURED .......................................................................................................................................... 1

C. MAILING ADDRESS OF NAMED INSURED ............................................................................................. 1

D. POLICY PERIOD ............................................................................................................................................ 1

E. LIMITS OF LIABILITY ................................................................................................................................. 1

F. OPTIONAL COVERAGE PARTICIPATION .............................................................................................. 3

G. DEDUCTIBLE PROVISIONS ........................................................................................................................ 3

H. UNIT OF INSURANCE DEFINED ................................................................................................................ 4

I. PRIORITY OF PAYMENTS .............................................................................................................................. 4

SECTION II ................................................................................................................................................................. 5

PROPERTY DAMAGE .............................................................................................................................................. 5

A. COVERAGE ..................................................................................................................................................... 5

B. EXTENSIONS OF COVERAGE .................................................................................................................... 5

1. PERSONAL EFFECTS ......................................................................................................................................... 5 2. PROPERTY IN COURSE OF CONSTRUCTION AND ADDITIONS ................................................................ 5 3. FIRE FIGHTING EXPENSES ............................................................................................................................... 6 4. OFF PREMISES SERVICES INTERRUPTION ................................................................................................... 6 5. ARCHITECTS AND ENGINEERS FEES AND LOSS ADJUSTMENT EXPENSES ......................................... 6 6. EXPEDITING EXPENSES ................................................................................................................................... 7 7. DEBRIS REMOVAL ............................................................................................................................................. 7 8. BUILDING LAWS ................................................................................................................................................ 7 9. DEMOLITION COST ........................................................................................................................................... 7 10. INCREASED COST OF CONSTRUCTION ......................................................................................................... 7 11. ERRORS & OMISSIONS ...................................................................................................................................... 8 12. ANIMALS ............................................................................................................................................................. 8 13. VALUABLE PAPERS........................................................................................................................................... 8 14. TRANSIT .............................................................................................................................................................. 8 15. VEHICLES WHILE ON INSURED PREMISES .................................................................................................. 8 16. ASBESTOS CLEAN UP AND REMOVAL .......................................................................................................... 8 17. PROTECTION AND PRESERVATION OF PROPERTY .................................................................................... 9 18. LEASEHOLD INTEREST ...................................................................................................................................... 9 19. AUTOMATIC ACQUISITION AND REPORTING CONDITIONS ................................................................... 10 20. MISCELLANEOUS UNNAMED LOCATIONS .................................................................................................. 11 21. ACCIDENTAL CONTAMINATION ................................................................................................................... 11

C. PROPERTY NOT COVERED ...................................................................................................................... 11

D. LOSS PAYMENT BASIS / VALUATION ................................................................................................... 12

SECTION III ............................................................................................................................................................. 16

Public Entity Property Insurance Program (PEPIP) Form No.13

BUSINESS INTERRUPTION, EXTRA EXPENSE, RENTAL INCOME, TAX INTERRUPTION AND

TUITION INCOME .................................................................................................................................................. 16

A. COVERAGE ................................................................................................................................................... 16

1. BUSINESS INTERRUPTION ............................................................................................................................. 16 2. EXTRA EXPENSE .............................................................................................................................................. 17

B. EXTENSIONS OF COVERAGE .................................................................................................................. 17

1. INGRESS / EGRESS ........................................................................................................................................... 17 2. INTERRUPTION BY CIVIL AUTHORITY ....................................................................................................... 17 3. DEMOLITION AND INCREASED TIME TO REBUILD ................................................................................. 17 4. CONTINGENT TIME ELEMENT COVERAGE ............................................................................................... 18 5. TAX REVENUE INTERRUPTION .................................................................................................................... 18 6. EXTENDED PERIOD OF INDEMNITY ............................................................................................................ 18 7. EXPENSES TO REDUCE LOSS ........................................................................................................................ 19

C. EXCLUSIONS ................................................................................................................................................ 19

D. CONDITIONS APPLICABLE TO THIS SECTION .................................................................................. 19

E. DEFINITIONS ................................................................................................................................................ 19

1. GROSS EARNINGS ............................................................................................................................................ 19 2. MERCHANDISE ................................................................................................................................................. 20 3. EXTRA EXPENSE .............................................................................................................................................. 20 4. RENTAL VALUE ............................................................................................................................................... 20 5. PERIOD OF RESTORATION ............................................................................................................................. 21

SECTION IV .............................................................................................................................................................. 22

GENERAL CONDITIONS ....................................................................................................................................... 22

A. PERILS COVERED ....................................................................................................................................... 22

B. EXCLUSIONS ................................................................................................................................................ 22

C. STATUTES ..................................................................................................................................................... 26

D. TERRITORIAL LIMITS ............................................................................................................................... 28

E. REINSTATEMENT ....................................................................................................................................... 28

F. FREE ON BOARD (F.O.B.) SHIPMENTS .................................................................................................. 28

G. BREACH OF CONDITIONS ........................................................................................................................ 28

H. PERMITS AND PRIVILEGES ..................................................................................................................... 28

I. PROTECTIVE SAFEGUARDS .................................................................................................................... 29

J. NOTICE OF LOSS ......................................................................................................................................... 29

K. ARBITRATION OF VALUE ........................................................................................................................ 29

L. PROOF OF LOSS ........................................................................................................................................... 29

M. SUBROGATION ............................................................................................................................................ 29

N. CANCELLATION .......................................................................................................................................... 30

O. ABANDONMENT .......................................................................................................................................... 30


P. ASSIGNMENT ................................................................................................................................................ 30

Q. SALVAGE ....................................................................................................................................................... 30

R. OTHER INSURANCE ................................................................................................................................... 31

S. EXCESS INSURANCE .................................................................................................................................. 31

T. RIGHT TO REVIEW RECORDS FOLLOWING AN INSURED LOSS ................................................. 31

U. CONCEALMENT AND FRAUD .................................................................................................................. 31

V. FULL WAIVER .............................................................................................................................................. 31

W. SUIT AGAINST COMPANY ........................................................................................................................ 32

Y. JOINT LOSS ADJUSTMENT – EXCESS PROPERTY ............................................................................ 33

Z. LENDER’S LOSS PAYABLE ....................................................................................................................... 34

AA. SEVERAL LIABILITY NOTICE ................................................................................................................. 36

AB. LOSS PAYABLE PROVISIONS .................................................................................................................. 36

AC. ELECTRONIC DATA ................................................................................................................................... 38

AD. LOSS ADJUSTMENT SERVICES ............................................................................................................... 39

AE. SERVICE OF SUIT CLAUSE (USA) APPLICABLE TO EXCESS CARRIERS .................................... 39

AF. DEFINITIONS ................................................................................................................................................ 39

1. OCCURRENCE ................................................................................................................................................... 39 a. Windstorm ................................................................................................................................................. 39 b. Flood ......................................................................................................................................................... 40 c. Flood Zone A and V .................................................................................................................................. 42 d. Earthquake Shock ...................................................................................................................................... 42

2. PERSONAL PROPERTY OF OTHERS .............................................................................................................. 42 3. IMPROVEMENTS AND BETTERMENTS ....................................................................................................... 43 4. VALUABLE PAPERS AND RECORDS ............................................................................................................ 43 5. TIER I WINDSTORM COUNTIES ..................................................................................................................... 43

AG. ADDITIONAL INSURED’S / LOSS PAYEES ............................................................................................ 44

SECTION V ............................................................................................................................................................... 45

FINE ARTS ................................................................................................................................................................ 45

A. COVERAGE ................................................................................................................................................... 45

1. PROPERTY COVERED ..................................................................................................................................... 45 2. “WALL TO WALL” (“NAIL TO NAIL”) COVERAGE ..................................................................................... 45

B. EXCLUSIONS ................................................................................................................................................ 45

C. LOSS PAYMENT BASIS / VALUATION ................................................................................................... 46

D. SPECIAL CONDITIONS .............................................................................................................................. 47

SECTION VI .............................................................................................................................................................. 49

CONTRACTORS EQUIPMENT ............................................................................................................................. 49


A. COVERAGE ................................................................................................................................................... 49

B. PERILS EXCLUDED ..................................................................................................................................... 49

C. PROPERTY EXCLUDED ............................................................................................................................. 50


E. SPECIAL CONDITIONS .............................................................................................................................. 50

SECTION VII ............................................................................................................................................................ 51

ACCOUNTS RECEIVABLE ................................................................................................................................... 51

A. COVERAGE ................................................................................................................................................... 51

B. EXCLUSIONS ................................................................................................................................................ 51

C. LOSS PAYMENT BASIS / VALUATION ................................................................................................... 51

D. DEFINITIONS: ............................................................................................................................................... 52

SECTION VIII ........................................................................................................................................................... 53

UNMANNED AIRCRAFT ....................................................................................................................................... 53

A. COVERAGE ................................................................................................................................................... 53

B. PERILS EXCLUDED ..................................................................................................................................... 53

C. PROPERTY EXCLUDED ............................................................................................................................. 54


E. SPECIAL CONDITIONS .............................................................................................................................. 54

THIS SECTION COVERS PROPERTY ONLY WITHIN THE LIMITS OF THE UNITED STATES OF

AMERICA. ................................................................................................................................................................. 54

F. DEFINITIONS ................................................................................................................................................ 55

1. UNMANNED AIRCRAFT .................................................................................................................................. 55 2. IN FLIGHT .......................................................................................................................................................... 55 3. IN MOTION ........................................................................................................................................................ 55

SECTION IX .............................................................................................................................................................. 56

BOILER AND MACHINERY BREAKDOWN EXTENSION ............................................................................. 56

PROGRAM AND/OR NAMED INSURED AND/OR DECLARATION SPECIFIC ENDORSEMENTS TO

BE PROVIDED AFTER THE ABOVE PAGE ....................................................................................................... 65

ENDORSEMENT 1 ................................................................................................................................................... 66

Public Entity Property Insurance Program (PEPIP) Form No.13 Page 1 of 68

SECTION I

GENERAL PROVISIONS

A. INSURING AGREEMENT

In consideration of the premium paid by the Named Insured to the Company, the Company agrees to

insure the following per the terms and conditions herein.

B. NAMED INSURED

As shown on the Declaration page, or as listed in the Declaration Schedule Addendum attached to

this policy.

Member(s), entity(ies), agency(ies), organization(s), enterprise(s) and/or individual(s) for whom the

Named Insured is required or has agreed to provide coverage, or as so named in the “Named Insured

Schedule” on file with Alliant Insurance Services, Inc., as their interests may appear which now exist

or which hereafter may be created or acquired and which are owned, financially controlled or

actively managed by the herein named interest, all jointly, severally or in any combination of their

interests, for account of whom it may concern, are covered within the limits provided to the

individual Named Insured.

Lessors and other party(ies) of interest in all property of every description covered hereunder are

included herein as Insured’s for their respective rights and interests, it being understood that the

inclusion hereunder of more than one covered party shall not serve to increase the Company’s limit

of liability.

Mortgagees to whom certificates of coverage have been issued are covered hereunder as Insured’s in

accordance with the terms and conditions of Form 438 BFU NS, CP12 18 1091, or equivalent as

required by the mortgagee.

C. MAILING ADDRESS OF NAMED INSURED

AS PER DECLARATION PAGE

D. POLICY PERIOD

AS PER DECLARATION PAGE

E. LIMITS OF LIABILITY

Subject to specific exclusions, modifications, and conditions hereinafter provided, the liability of the

Company in any one occurrence regardless of the of whether one or more of the coverages of this

Policy are involved shall not exceed:

1. LIMITS OF LIABILITY

The Specific Limits of Liability as described in the Declaration Page apply per occurrence

unless indicated otherwise.


2. SUB-LIMITS OF LIABILITY

The following sub-limits of liability are provided as described in the Declaration Page and

apply per occurrence unless indicated otherwise. Coverage is provided only if a sub-limit of

liability is shown in the Declaration Page for that item, and do not increase the specific limits

of liability. The absence of a sub-limit of liability amount in the Declaration Page means that

no coverage is provided for that item.

a. Per occurrence, and in the annual aggregate as respects the peril of flood (for those

Named Insured(s) that participate in this optional dedicated coverage);

b. Per occurrence, and in the annual aggregate as respects the peril of earthquake shock

for those Named Insured(s) that participate in this optional dedicated coverage;

c. Combined Business Interruption, Rental Income, Tax Interruption and Tuition

income (and related fees) ;

d. Extra Expense;

e. Miscellaneous Unscheduled Property;

f. Automatic Acquisition. As per policy provisions;

g. Unscheduled Landscaping, tees, sand traps, greens, athletic fields and artificial turf if

specific values for such items have not been reported as part of the Named Insured(s)

schedule of values held on file with Alliant Insurance Services, Inc;

h. Scheduled Landscaping, tees, sand traps, greens, athletic fields and artificial turf if

specific values for such items have been reported as part of the Named Insured(s)

schedule of values held on file with Alliant Insurance Services, Inc;

i. Errors & Omissions;

j. Course of Construction and Additions;

k. Money and Securities for Fire, Wind, Hail, Explosion, Smoke, Lightning, Riot, Civil

Commotion, Impact by Aircraft or Objects falling there from, Impact by Vehicles,

Water Damage and Theft (other than by an employee of the Named Insured(s));

l. Prize Giveaways solely as respects Named Insured(s) that participate in this optional

coverage;

m. Unscheduled Fine Arts (as more fully defined herein);

n. Accidental Contamination including owned land, land values and water owned by the

Named Insured(s);

o. Unscheduled Tunnels, bridges, dams, catwalks (except those not for public use),

roadways, highways, streets, sidewalks, culverts, street lights and traffic signals

unless specific values for such items have been reported as part of a Named Insured(s)

schedule of values held on file in the offices of Alliant Insurance Services, Inc.

excluding Federal Emergency Management Agency (F.E.M.A.) and/or any State

Office of Emergency Services (O.E.S.) declared disasters, providing said declaration

provides funding for repairs;

p. Increased Cost of Construction due to the enforcement of building codes / ordinance

or law. As per policy provisions;

q. Transit;

r. Unscheduled Animals;

s. Unscheduled Watercraft; up to 27 feet. Unscheduled watercraft over 27 feet if held

for sale by the insured.

t. Off premises services interruption including extra expense resulting from a covered

peril at non-owned/operated location(s);

u. Separately as respects Contingent Business Interruption, Contingent Extra Expense,

Contingent Rental Value, and Contingent Tuition Income;

v. Per occurrence and in the annual aggregate as respects the peril of Earthquake Shock

for licensed vehicles, unlicensed vehicles, contractors equipment and fine arts

combined for all Named Insured(s) of this Declaration combined that do not purchase


optional dedicated Earthquake Shock coverage, and/or where specific values for such

items are not covered for optional dedicated Earthquake Shock coverage as part of the

Named Insured(s) schedule of values held on file with Alliant Insurance Services,

Inc.;

w. Per occurrence and in the annual aggregate as respects the peril of Flood for licensed

vehicles, unlicensed vehicles, contractors equipment and fine arts combined for all

Named Insured(s) of this Declaration combined that do not purchase optional Flood

coverage, and/or where specific values for such items are not covered for optional

dedicated Flood coverage as part of the Named Insured(s) schedule of values held on

file with Alliant Insurance Services, Inc.;

x. Claim Preparation Expenses;

y. Expediting Expenses;

z. Separately as respects furs, jewelry, precious metals and precious stones;

aa. Business Interruption for Power Generation Facilities, which is understood to be part

of and not additional to the sub-limit of liability set forth in Item 2 c. above;

ab. Personal Property outside the U.S.A.;

ac. Unmanned Aircraft. As per policy provisions

ad. Mold/Fungus Resultant Damage. As per policy provisions

ae. Boiler Explosion and Machinery Breakdown (for those Named Insured(s) that

participate in this optional dedicated coverage).

F. OPTIONAL COVERAGE PARTICIPATION

It is understood and agreed that certain Named Insured’s participate in Optional Coverage on this

Policy as set forth below.

OPTIONAL COVERAGES IDENTIFICATION:

1. Earthquake Shock

2. Licensed Vehicles – Off Premises

3. Scheduled Fine Arts

4. Flood

5. Boiler Explosion & Machinery Breakdown

Such participation in the optional coverage(s) by the Named Insured is indicated in the Declaration

Page, and/or by endorsement to this policy.

G. DEDUCTIBLE PROVISIONS

If two or more deductible amounts provided in the Declaration Page apply for a single occurrence the

total to be deducted shall not exceed the largest per occurrence deductible amount applicable.

Deductibles are shown on the Declaration Page, or by endorsement and may vary by member of a

joint powers authority (JPA) or risk sharing pool (Pool), or the coverage part pertaining to the loss.

Unless a more specific deductible is applicable for a particular loss, the “Basic Deductible” shown in

the Declaration Page, shall apply per occurrence. The company will not pay for loss or damage in

any one occurrence until the amount of the loss or damage exceeds the applicable deductible.

The “JPA/Pool Basic Deductible” – when applicable will be in excess of a JPA or Pool member’s

deductible amount. The Named Insured(s) deductible amount will be agreed upon between the JPA

or Pool and its members. The “JPA/Pool Basic Deductible” shown in the Declaration Page, shall

apply per occurrence. The company will not pay for loss or damage in any one occurrence until the


amount of the loss or damage exceeds the applicable constituent members’ deductible and the

“JPA/Pool Basic Deductible”, until the “JPA/Pool Annual Aggregate Amount” is exhausted.

The “JPA/Pool Annual Aggregate Amount” - when applicable is the accumulation of payments made

by the JPA or Pool that are categorized as “JPA/Pool Basic Deductibles” above. Once the annual

aggregate amount is reached, all subsequent losses in chronological order are subject to the

“JPA/Pool Maintenance Deductible” indicated in the Declaration Page. As with the “JPA/Pool Basic

Deductible” this maintenance deductible will be applicable in excess of the applicable JPA or Pool

constituent member’s deductible.

“Vehicle Physical Damage deductible” - if Off-Premises coverage is included/purchased, the stated

deductible will apply to vehicle physical damage both on and off premises on a per occurrence basis,

unless otherwise stated. If “Off-Premises” coverage is not included, On-Premises/In-Yard coverage

is subject to the All Risk “Basic Deductible”.

H. UNIT OF INSURANCE DEFINED

In the application of the Earthquake Shock, or specified Wind deductibles, in accordance with the

provisions of this Policy, each of the following shall be considered a Separate Unit of Insurance:

1. Each Separate Building or Structure;

2. The Contents of each Building or Structure;

3. Applicable Time Element Coverage of each separate Building or Structure; and

4. Property in each Yard.

The Company shall not be liable for loss to any Unit of Insurance covered hereunder unless such loss

exceeds the percentages stated in this Policy of the replacement values of such Unit of Insurance at

the time when such loss shall happen, and then only for its proportion of such excess.

I. PRIORITY OF PAYMENTS

In the event of loss caused by or resulting from more than one peril or coverage, the limit of liability

of the primary / underlying coverage shall apply first to the peril(s) or coverage(s) not insured by the

excess layers and the remainder, if any, to the peril(s) or coverage(s) insured hereunder. Upon

exhaustion of the limit of liability of the primary / underlying coverage, the excess layers shall then

be liable for loss uncollected from the peril(s) or coverage(s) insured hereunder, subject to the limit

of liability and the other terms and conditions as specified.


SECTION II

PROPERTY DAMAGE

A. COVERAGE

Subject to the terms, conditions and exclusions hereinafter contained, this Policy insures all property

of every description both real and personal (including improvements, betterments and remodeling),

of the Named Insured, or property of others in the care, custody or control of the Named Insured, for

which the Named Insured is liable, or under the obligation to insure.

B. EXTENSIONS OF COVERAGE

All coverage extensions are subject to the terms, conditions and exclusions of the policy except

insofar as they are explicitly providing additional coverage.

1. PERSONAL EFFECTS

This Policy is extended to cover only such personal effects and wearing apparel of any of the

officials, employees, students and personal effects of the Named Insured named in this Policy

for which the Named Insured may elect to assume liability while located in accordance with

the coverage hereof, but loss, if any, on such property shall be adjusted with and payable to

the Named Insured.

2. PROPERTY IN COURSE OF CONSTRUCTION AND ADDITIONS

It is understood and agreed that as respects course of construction projects and additions, this

Policy will provide automatic coverage subject to the following conditions:

a. Project involves only real property on new or existing locations (excluding dams,

roads, and bridges).

b. Value of the project at the location does not exceed USD as per Declaration Page.

Projects that exceed this amount are subject to underwriting approval, prior to

binding. However, inadvertent failure to report projects within USD as per

Declaration Page shall not void coverage of said Project.

Additional Expenses - Soft Costs: This extension applies to new buildings or structures in the

course of construction up to the time that the new building(s) or structure(s) is initially

occupied or put to its intended use whichever occurs first.

The Company will cover the additional expenses (soft costs) of the Named Insured as defined

below for up to 25% of the estimated completed value of the project which results from a

delay in the completion of the project beyond the date it would have been completed had no

loss or damage occurred. The delay must be due to direct physical loss or damage to property

insured and be caused by or result from a peril not excluded by this Policy. The Company

will pay covered expenses when they are incurred.

a. Additional Interest Coverage – The Company will pay the additional interest on

money the Named Insured borrows to finance construction or repair.


b. Rent or Rental Value Coverage – The Company will pay the actual loss of net rental

income that results from delay beyond the projected completion date. But the

Company will not pay more than the reduction in rental income less charges and

expenses that do not necessarily continue.

c. Additional Real Estate Taxes or Other Assessments – The Company will pay the

additional real estate taxes or other assessments the Named Insured incurs for the

period of time that construction is extended beyond the completion date.

d. Additional Advertising and Promotional Expenses – The Company will pay the

additional advertising and promotional expense that becomes necessary as a result of

a delay in the completion of the project.

e. Additional Commissions Expense – The Company will pay the additional expenses,

which result from the renegotiating of leases following an interruption in the project.

f. Additional Architectural and Engineering Fees – The Company will pay the

additional architectural and engineering fees that become necessary as a result of a

delay in the completion of the project.

g. Additional License and Permit Fees – The Company will pay the additional license

and permit fees that become necessary as a delay in the completion of the project.

h. Legal and Accounting Fees – The Company will pay the additional legal and

accounting fees the Named Insured incurs as a result of a delay in the completion of

the project.

3. FIRE FIGHTING EXPENSES

It is understood and agreed that the Company shall be liable for the actual charges of fire

fighting expenses including but not limited to those charged by municipal or private fire

departments responding to and fighting fire in / on, and/or protecting property included in

coverage provided by this Policy.

4. OFF PREMISES SERVICES INTERRUPTION

It is understood and agreed that coverage under this Policy is extended to include physical

damage, business interruption loss and/or extra expense incurred and/or sustained by the

Named Insured as a result of physical damage to or destruction of property, by the perils

insured against occurring during the policy period of any suppliers furnishing heat, light,

power, gas, water, telephone or similar services to a Named Insured’s premises. The coverage

provided by this clause is sub-limited to USD as per Declaration Page, and Section 1

(General Provisions) of this form.

5. ARCHITECTS AND ENGINEERS FEES AND LOSS ADJUSTMENT EXPENSES

This Policy also insures as a direct result of physical loss or damage insured hereunder, any

of the following:

a. Architects and engineers fees

b. Loss adjustment expenses including, but not limited to, auditors, consultants and

accountants. However, the expenses of public adjusters are specifically excluded.


6. EXPEDITING EXPENSES

In the event of physical loss or damage insured hereunder, it is understood and agreed that

coverage under this Policy includes the reasonable extra cost of temporary repair and of

expediting the repair of such damaged property of the Named Insured, including overtime

and the extra costs of express or other rapid means of transportation. This coverage provided

by this clause is sub-limited to USD as per the Declaration Page.

7. DEBRIS REMOVAL

This Policy also covers expenses incurred in the removal of debris of the property covered

hereunder from the premises of the Named Insured that may be destroyed or damaged by a

covered peril(s). This debris removal coverage does not apply to the cost to extract pollutants

from land or water, or to remove, restore or replace polluted land or water.

8. BUILDING LAWS

This Policy is extended to include physical damage, business interruption loss, loss of interest

and/or extra expense incurred and/or sustained by the Named Insured as a result of physical

damage to or destruction of property, by the perils insured against occurring during the policy

period and occasioned by the enforcement of any local or state ordinance or law regulating

the construction, repair or demolition of buildings or structures, which is in force at the time

such a loss occurs, which necessitates the demolition of any portion of the covered building

not damaged by the covered peril(s).

The Company shall also be liable for loss due to the additional period of time required for

repair or reconstruction in conformity with the minimum standards of such ordinance or law

of the building(s) described in this Policy damaged by a covered peril.

The Company shall not be liable under this clause for more than the limit of liability as

shown elsewhere in this Policy.

9. DEMOLITION COST

In the event of physical damage to property insured by a covered peril, this policy is extended

to cover the cost of demolishing any undamaged portion of the covered property including

the cost of clearing the site thereof, caused by loss from any covered peril(s) under this Policy

and resulting from enforcement of any local or state ordinance or law regulating the

construction, repair or demolition of buildings or structures and in force at the time of loss

which necessitates such demolition.

10. INCREASED COST OF CONSTRUCTION

In the event of physical damage to property insured by a covered peril, this Policy is extended

to cover the increased cost of repair or replacement occasioned by the enforcement of any

local or state ordinance or law including written guidelines used by the department of

corrections in any state regulating the construction, repair or demolition of buildings or

structures, which is in force at the time such a loss occurs or which comes into force within 6

months after such a loss occurs, which necessitates in repairing or replacing the building

covered hereunder which has suffered damage or destruction by the covered peril(s) or which

has undergone demolition, limited, however, to the minimum requirements of such ordinance

or law.


11. ERRORS & OMISSIONS

No unintentional errors or unintentional omissions in description, location of property or

valuation of property will prejudice the Named Insured’s right of recovery but will be

reported to the Company as soon as practicable when discovered. The coverage provided by

this clause is sub-limited to USD as per Declaration Page, and Section 1 (General Provisions)

Clause E of this form. This extension does not increase any more specific limit stated

elsewhere in this policy or Declaration.

12. ANIMALS

This policy is extended to cover retraining expenses associated with the loss of specially

trained animals. Retraining expenses are included within the sub-limit provided, unless

otherwise scheduled.

Notwithstanding the foregoing it is hereby understood and agreed that solely as respects

Universities, hospitals, or other institutions of learning the following shall apply:

This policy is extended to cover physical loss or damage to animals used for research subject

to applicable exclusions under Section IV (General Conditions) B. Exclusions.

13. VALUABLE PAPERS

This policy is extended to cover Valuable Papers or the cost to reconstruct valuable papers

(including but not limited to research, redrawing or duplicating) physically lost or damaged

by a peril insured against during the term of this Policy.

14. TRANSIT

This policy is extended to cover Personal Property of the Named Insured or property held by

the Named Insured in trust or on commission or on consignment for which the Named

Insured may be held legally liable while in due course of transit, worldwide, against all risks

of Direct Physical Loss or Damage not excluded by this Policy to the property insured

occurring during the period of this Policy.

The coverage provided by this clause is sub-limited to USD as per Declaration Page, and

Section 1 (General Provisions) Clause E. of this form.

15. VEHICLES WHILE ON INSURED PREMISES

This policy is extended to cover vehicles while on premises of the Insured against physical

loss or damage by a peril insured against during the term of this Policy.

16. ASBESTOS CLEAN UP AND REMOVAL

This policy specifically excludes asbestos materials clean up or removal, unless asbestos is

itself damaged by a peril covered by this policy, then asbestos cleanup or removal within the

damaged area, and applicable time element coverages, will be covered by this policy.

In no event will coverage be extended to cover undamaged asbestos, including undamaged

asbestos in any portion of the building mandated by any governmental direction or request

declaring that asbestos material present in any undamaged portion of the Named Insured’s

property must be removed or modified, or;


any loss or expense including investigation or defense costs, caused by, resulting

from, or arising out of asbestos, exposure to asbestos, or any product containing

asbestos, or;

any loss or expense normally provided by demolition, increased cost or building

ordinance.

The Named Insured must report to Underwriters the existence of the damage as soon as

practicable after the loss. However, this Policy does not insure any such damage first reported

to the Underwriters more than thirty six (36) months after the expiration, or termination, of

this policy.

17. PROTECTION AND PRESERVATION OF PROPERTY

In the event of loss likely to be covered by this Policy, the Named Insured shall endeavor to

protect covered property from further damage and shall separate the damaged and undamaged

personal property and store in the best possible order, and shall furnish a complete inventory

of the destroyed, damaged and undamaged property to the Insurer.

In case of actual or imminent physical loss or damage of the type insured against by this

Policy, the expenses incurred by the Named Insured in taking reasonable and necessary

actions for the temporary protection and preservation of property insured hereunder shall be

added to the total physical loss or damage otherwise recoverable under the Policy and be

subject to the applicable deductible and without increase in the limit provisions contained in

this Policy.

Due to the unique nature of Health Care Facilities and Jails where it is deemed necessary to

evacuate patients or inmates from the premises in order to reduce the physical loss potential

from an actual or imminent loss or damage by a peril not excluded herein, all terms and

conditions of this clause will apply to the expenses incurred as a result of the evacuation.

18. LEASEHOLD INTEREST

In the event of physical loss or damage of the type insured against by this Policy to real property

of the type insured this Policy, which is leased by the Named Insured, this Policy is extended to

cover:

(1) If as a result of such loss or damage the property becomes wholly un-tenantable or

unusable and the lease agreement requires continuation of the rent, the Company shall

indemnify the Named Insured for the actual rent payable for the unexpired term of the

lease; or

(2) If as a result of such loss or damage the property becomes partially un-tenantable or

unusable and the lease agreement requires continuation of the rent, the Company shall

indemnify the Named Insured for the proportion of the rent applicable thereto; or

(3) If as a result of such loss or damage the lease is cancelled by the lessor pursuant to the

lease agreement or by operation of law, the Company shall indemnify the Named

Insured for its Lease Interest for the first three months following such loss or damage

and for its Net Lease Interest for the remaining unexpired term of the lease;

provided, however, that the Company shall not be liable for any increase in the amount

recoverable hereunder resulting from the suspension, lapse or cancellation of any license,

or from the Named Insured exercising an option to cancel the lease; or from any act or


omission of the Named Insured which constitutes a default under the lease; and provided

further that the Named Insured shall use any suitable property or service owned or

controlled by the Named Insured or obtainable from another source to reduce the loss

hereunder.

The following definitions shall apply to this coverage:

(1) Lease Interest means the excess rent paid for the same or similar replacement

property over actual rent payable plus cash bonuses or advance rent paid

(including any maintenance or operating charges) for each month during the

unexpired term of the Named Insured’s lease.

(2) Net Lease Interest means that sum which placed at 8% interest compounded

annually would equal the Lease Interest (less any amounts otherwise payable

hereunder).

19. AUTOMATIC ACQUISITION AND REPORTING CONDITIONS

This Policy is automatically extended to insure additional property and/or interests as described

in this Policy, which may be acquired or otherwise become at the risk of the Named Insured,

during the Policy Term, within the United States of America, subject to the values of such

additional property and/or interests not exceeding USD25,000,000 or Named Insured’s Policy

Limit of Liability if less than USD25,000,000 any one acquisition excluding licensed vehicles,

for which a limit of USD10,000,000 applies or Named Insured’s Policy Limit of Liability if less

than USD10,000,000. Additionally a sub-limit of $2,500,000 applies to Tier 1 wind counties,

parishes and independent cities for 60 days for the states of Virginia, North Carolina, South

Carolina, Georgia, Alabama, Mississippi, Louisiana, Texas and/or situated anywhere within the

states of Florida and Hawaii.

If Flood coverage is purchased for all scheduled locations, this extension will extend to include

Flood coverage for any location not situated in Flood Zones A or V. In the event that coverage

for Flood for any location situated in Flood Zones A or V is required, it is to be agreed by the

Company prior to attachment hereunder.

This coverage extension does not apply to the peril of Earthquake Shock in the States of

California, or Alaska except as follows:

(1) At Policy inception, for those Named Insureds that purchase the earthquake

shock peril, per the sub-limit that appears on the Declaration Page, automatic

coverage applies for the peril of earthquake shock for a period of 30 days from

date of contractual requirement by any bond, certificate of participation or any

similar investment, for any new locations where there is such a contractual

requirement to provide earthquake shock coverage. Otherwise there is no

Automatic Coverage for Earthquake Shock for any other new locations in

California and Alaska.

In the event of coverage being required for additional property and/or interest where the value

exceeds USD25,000,000 or Named Insured(s) Policy Limit of Liability if less than

USD25,000,000 any one acquisition details of said property and/or interest are to be provided to

the Company for its agreement not later than one hundred and twenty (120) days from the date

of the said additional property and/or interest have become at the risk of the Named Insured, this

Policy providing coverage automatically for such period of time up to a maximum limit of

USD100,000,000 or Named Insured(s) Policy Limit of Liability if less than USD100,000,000.


The Company retains the right to determine the acceptability of all such property(ies).

Additional premium will be calculated from the date of acquisition.

In the event that the Named Insured fails to comply with the above reporting provision, then

coverage hereunder is sub-limited to USD25,000,000 or Named Insured’s Policy Limit of

Liability if less than USD25,000,000 any one occurrence.

Additional, or return premium due for endorsements issued during the policy term, such as

those for additions or deletions of values within or greater than as that which is provided in

any “Automatic Acquisition sub-limit” (including those for existing Named Insureds, new

Named Insureds to the PEPIP program, or new members to existing JPA Named Insureds)

will be processed on a quarterly basis. Issuance of the endorsements and calculation of pro-

rata or return premium, for these changes will be processed as of, and at the time of the

transaction.

20. MISCELLANEOUS UNNAMED LOCATIONS

Coverage is extended to include property at locations (including buildings or structures,

owned, occupied or which the Named Insured is obligated to maintain insurance) located

within the territorial limitations set by this policy. Coverage provided by this clause is

limited to any sub-limit noted on the Declaration Page attached to this form, and by terms and

conditions of this policy form. This coverage extension does not apply to the peril of

Earthquake Shock in the states of California, or Alaska. If Flood coverage is purchased for

all scheduled locations, this extension will extend to include Flood coverage for any location

not situated in Flood Zones A or V.

21. ACCIDENTAL CONTAMINATION

This Policy is hereby extended to cover Business Interruption and Property Damage loss as a

result of accidental contamination, discharge or dispersal from any source to Covered

Property, including expenses necessarily incurred to clean up, remove and dispose of

contaminated substances so as to restore the Covered Property to the same condition as

existed prior to loss. The coverage provided is sub-limited to USD as per Declaration page.

If such contamination or dispersal is itself caused by fire, lightning, impact from aircraft,

explosion, riot, civil commotion, smoke, collapse, vehicles, windstorm, hail, vandalism,

malicious mischief or leakage and accidental discharge from automatic fire protective

systems whereupon this extension shall provide coverage up to full limit of liability provided

by this Policy.

For the purposes of this Accidental Contamination clause only, the term “Covered Property”,

as covered by this Policy, is held to include Land (and Land Values) on which Covered

Property is located whether or not the same are excluded by this Policy.

It is further understood and agreed that this coverage clause shall not override anything

contained in Asbestos Clean Up and Removal in this Policy.

C. PROPERTY NOT COVERED

Except as for that which may be provided as an Extension of Coverage, this policy does not cover:

1. Aircraft, Watercraft over 27 feet in length (other than watercraft held for sale by the insured),

and rolling stock, except scheduled watercraft, and rolling stock, light rail vehicles, subway

trains and related track maintenance vehicles for light rail and subway lines.


2. Standing timber, bodies of water, growing crops.

3. Land (including land on which covered property is located), and land values (except athletic

fields, landscaping, artificial turf, sand traps, tees and greens).

4. Property in due course of ocean marine transit.

5. Shipment by mail after delivery into the custody of the United States Post Office.

6. Power transmission lines and feeder lines more than 1,000 feet from the premises of the

Insured unless scheduled and specifically approved by the Company.

7. Underground pipes more than 1,000 feet from the premises of the Insured unless scheduled

and specifically approved by the Company.

8. Unscheduled tunnels, bridges, dams, catwalks (except those not for public use), roadways,

highways, streets, sidewalks, culverts, streetlights, and traffic signals, excess of the sub-limit

terms provided on the Declaration Page.

9. Offshore property, oilrigs, underground mines, caverns and their contents. Railroad track is

excluded unless values have been reported by the Named Insured.

D. LOSS PAYMENT BASIS / VALUATION

In case of loss to property of an Named Insured covered hereunder, the basis of adjustment shall be

as of the time and place of loss as follows:

1. On all real and personal property, including property of others in the care or control of the

Named Insured at the replacement cost (as defined below) at the time of the loss without

deduction for depreciation. If property is not replaced within a reasonable period of time,

then the actual cash value shall apply.

2. On improvements and betterments at the replacement cost at time of loss without deduction

for depreciation. If property is not repaired or replaced within a reasonable period of time,

then the actual cash value shall apply. If replaced or repaired by others for the use of the

Named Insured, there shall be no liability hereunder. The Company agrees to accept and

consider the Named Insured as sole and unconditional owner of all improvements and

betterments, any contract or lease the Named Insured may have made to the contrary

notwithstanding.

3. On manuscripts, mechanical drawings, patterns, electronic data processing media, books of

accounting and other valuable papers, the full replacement cost of the property at the time of

loss (including expenses incurred to recreate the information lost, damaged or destroyed,

except as may be limited by any separate policy provision) or what it would then cost to

repair, replace or reconstruct the property with other of like kind and quality. If not repaired,

replaced or reconstructed within a reasonable period of time, then not to exceed the cost of

blank or unexposed material.

4. On antique, restored or historical buildings, the cost of acquisition, relocation to the site and

renovation or reconstruction. In the event of a partial loss, replacement cost for antique,

restored or historical buildings shall mean the cost of repairing, replacing, constructing or

reconstructing (whichever is less) the property on the same site using materials of like kind

and quality necessary to preserve or maintain a buildings’ historical significance without

deduction for depreciation.


5. On property of others for which the Named Insured is liable under contract or lease

agreement the Company’s liability in the event of loss is limited to the Named Insured’s

obligation as defined in said contract or lease agreement but not to exceed the replacement

cost.

6. On library contents, at replacement cost, or as follows, whichever is greater:

Category

Value (per item)

Juvenile Materials USD 48.74

Pamphlets USD 6.27

Magazines USD 12.64

Fiction USD 23.57

Non-Fiction USD 84.86

Dictionary USD 123.52

Encyclopedia USD 295.61

Thesaurus USD 45.60

Reference (other) USD 118.62

Abstracts USD 290.49

Textbook USD 107.46

Art Books USD 64.00

Film USD 284.99

Book/Diskette USD 107.59

Vinyl Records USD 85.50

DVD/VHS USD 57.00

Audio Cassette USD 31.35

Compact Discs USD 25.02

CD ROM USD 40.48

Books/Audio USD 76.67

Medical Atlas USD 183.17

Technical Law USD 155.43

Nanotechnology USD 179.48

Biotechnology USD 169.83

The above valuation is predicated on the values provided by the Library of Congress Dewey

Decimal system and adjusted for inflation.

The figures above do not include the “shelving cost” of each book. Therefore, the formula

for adjusting a library contents loss is:

“Number of items in a category that are replaced multiplied by the valuation figure plus

associated shelving costs”.

The actual cost per item in the final adjustment is to be computed as of the time and place of

loss or damage.

7. On Vehicles, on or off premises, where Replacement Cost (New) values are specified, loss or

damage shall be based on 100% of the Replacement Cost (New) at the time of loss. Partial

losses shall be based on the cost of repairing or replacing the damaged portion, up to the fair

market value of the Vehicle and/or Equipment. However, should these costs exceed the fair

market value then recovery shall be based upon the Replacement Cost (New).


If the values, provided by the Named Insured, provides a valuation based on Replacement

Cost (New), then recovery will be on the same basis, if replaced. If not replaced, the basis of

recovery shall be Actual Cash Value.

8. Animals: The stated value as per schedule on file with the Named Insured.


Universities, hospitals or other institutions of learning the following shall apply:

The stated value as per schedule on file with the Named Insured except Research Animals

shall be valued at the cost to replace with like kind and quality; including the increased value

as a result of prior research or experiments performed on the animal(s), accumulated cost of

care and maintenance, and the value of labor expended by research assistants and/or

laboratory technicians.

9. Landscaping, artificial turf, sand traps, tees, putting greens and athletic fields; the actual

replacement cost of sod, shrubs, sand, plants and trees; however the Company’s liability for

replacement of trees, plants and shrubs will be limited to the actual size of the destroyed

plant, tree or shrub at the time of the loss up to a maximum size of 25 gallons per item but not

to exceed USD25,000 per item.

For the purpose of determining coverage under this policy landscaping, trees, plants and

shrubs are only insured if their position and planting was undertaken by human agency for

cosmetic effect.

The aforementioned valuations shall also be used for the purpose of any minimum earned premium

and/or quarterly adjustments incurred.

Wherever the term “actual cash value” is used as respects real property or improvements and

betterment’s in this clause, or elsewhere herein, it shall mean replacement cost less depreciation.

“Replacement Cost” shall mean the cost of repairing, replacing, constructing or reconstructing

(whichever is the least) the property on the same site, using new materials of like kind and quality

and for like occupancy without deduction for depreciation, subject to the following:

(i) Until the property is actually repaired, replaced or reconstructed, the maximum amount

recoverable shall be the actual cash value of the lost or damaged property;

(ii) Replacement shall be effected by the Named Insured with due diligence and dispatch;

(iii) Replacement need not be on same site, or of same or similar construction or occupancy

provided that the Company shall not be liable for any additional costs that are directly

attributable to the inclusion of this provision.

(iv.) For historical buildings as more specifically defined in this Section.

(v.) In no event shall the Company’s liability exceed the amount actually and necessarily

expended in repairing or replacing (whichever is less) Covered Property or any part thereof.

It is understood and agreed that as respects replacement cost, the Named Insured shall have the

option of replacement with electrical and mechanical equipment having technological advantages

and/or representing an improvement in function and/or forming part of a program of system

enhancement provided that such replacement can be accomplished without increasing the Company's


liability. The Company shall be allowed to dispose of, as salvage, any non-proprietary property

deemed unusable by the Named Insured.

In the event the Named Insured should fail to comply with any of the foregoing provisions settlement

shall be made as if this Replacement Cost provision had not been in effect.


SECTION III

BUSINESS INTERRUPTION, EXTRA EXPENSE, RENTAL INCOME, TAX

INTERRUPTION AND TUITION INCOME

Subject to the terms, conditions and exclusions stated elsewhere herein, this Policy provides coverage for:

A. COVERAGE

1. BUSINESS INTERRUPTION

Against loss resulting directly from interruption of business, services or rental value caused

by direct physical loss or damage, as covered by this Policy to real and/or personal property

insured by this Policy, occurring during the term of this Policy.

In the event of such loss or damage the Company shall be liable for the actual loss sustained

by the Named Insured for gross earnings as defined herein and rental value as defined herein

resulting from such interruption of business, services, or rental value; less all charges and

expenses which do not necessarily continue during the period of restoration. Due

consideration shall be given to the continuation of normal charges and expenses including

payroll expenses to the extent necessary to resume operations of the Named Insured with the

same quality of service which existed immediately preceding the loss.

With respect to business interruption for power generation facilities, the coverage provided

hereunder is sub-limited to USD as per Declaration Page.


Universities, hospitals or other institutions of learning the following shall apply:

In determining the amount of tuition income and related fees covered hereunder for the

purpose of ascertaining the amount of loss sustained, due consideration shall be given to:

(i) Tuition income and related fees which are prevented from being earned or received.

(ii) Other income derived from:

(a) routine and special services;

(b) other operating and non-operating revenues, including but not limited to:

(1) research grants

(2) income under research contracts all dependent on continued operations.

(iii) Donations and fund raising proceeds:

(a) If a regularly scheduled fund raising drive for the sole benefit of the Named

Insured occurs during the period of interruption of operations, the revenue

produced by such drive shall be considered as follows in determining the amount

of loss:

(1) If the drive fails to produce an amount at least equal to the same drive in the

most recent prior solicitation, the shortage, to the extent that it can be

attributed to the interruption of the Named Insured’s operations, shall be

considered as loss of income;

(2) If the drive produces an amount equal to the same drive in the most recent

prior solicitation, there shall be considered no loss of income from this

source of revenue;

(3) If the drive produces an amount larger than the same drive in the most recent

prior solicitation, the excess shall be applied to reduce the loss from other

sources of revenue;


(4) If the drive is cancelled or postponed, such loss of revenue shall not be

considered as loss of income.

(b) The following shall be disregarded in determining the amount of loss:

(1) Donations and contributions which are a direct result of the interruption of

the Named Insured’s operations and are received by the Named Insured

during the period of interruption.

(2) Proceeds for fund raising drives or solicitations which are for the sole

benefit of the Named Insured and occur as a result of interruption of the

Named Insured’s operations.

2. EXTRA EXPENSE

This Policy is extended to cover the necessary and reasonable extra expenses occurring

during the term of this Policy at any location as hereinafter defined, incurred by the Named

Insured in order to continue as nearly as practicable the normal operation of the Named

Insured’s business following damage to or destruction of covered property by a covered peril

which is on premises owned, leased or occupied by the Named Insured. In the event of such

damage or destruction, the Company shall be liable for such necessary extra expense incurred

for only such length of time as would be required with the exercise of due diligence and

dispatch to rebuild, repair or replace such part of the property as has been damaged or

destroyed commencing with the date of damage or destruction and not limited by the date of

expiration of this Policy (hereinafter referred to as the period of restoration).

B. EXTENSIONS OF COVERAGE

1. INGRESS / EGRESS

This Policy is extended to insure the actual loss sustained during the period of time not

exceeding 30 days when, as a direct result of physical loss or damage caused by a covered

peril(s) specified by this Policy and occurring at property located within a 20 mile radius of

covered property, ingress to or egress from the covered property covered by this Policy is

prevented. Coverage under this extension is subject to a 24-hour waiting period.

2. INTERRUPTION BY CIVIL AUTHORITY

This Policy is extended to include the actual loss sustained by the Named Insured, as covered

hereunder during the length of time, not exceeding 30 days, when as a direct result of damage

to or destruction of property by a covered peril(s) occurring at property located within a 20

mile radius of covered property, access to the covered property is specifically prohibited by

order of a civil authority. Coverage under this extension is subject to a 24-hour waiting

period.

3. DEMOLITION AND INCREASED TIME TO REBUILD

The Company shall, in the case of loss covered under this Policy, be liable also for loss to the

interest covered by the Policy, occasioned by the enforcement of any local or state ordinance

or law regulating the construction, repair or demolition of buildings or structures and in force

at the time such loss occurs, which necessitates the demolition of any portion of the described

building(s) not damaged by the covered peril(s). The Company shall also be liable for loss

due to the additional period of time required for repair or reconstruction in conformity with

the minimum standards of such ordinance or law of the building(s) described in this Policy

damaged by a covered peril.

THE COMPANY SHALL NOT BE LIABLE UNDER THIS CLAUSE FOR:

a. More than the limit of liability as shown elsewhere in this Policy.


b. Any greater proportion of any loss to the interest covered by this Policy than the

amount covered under this Policy on said interest bears to the total insurance and

coverage on said interest, whether all such insurance contains this clause or not.

4. CONTINGENT TIME ELEMENT COVERAGE

Business interruption, rental income, tuition income and extra expense coverage provided by

this Policy is extended to cover loss directly resulting from physical damage to property of

the type not otherwise excluded by this Policy at direct supplier or direct customer locations

that prevents a supplier of goods and/or services to the Named Insured from supplying such

goods and/or services, or that prevents a recipient of goods and/or services from the Named

Insured from accepting such goods and/or services. The coverage provided by this clause

separately as respects each of these coverage’s is sub-limited to USD as per Declaration

Page.

5. TAX REVENUE INTERRUPTION

Except as hereinafter or heretofore excluded, this Policy insures against loss resulting directly

from necessary interruption of sales, property or other tax revenue including, but not limited to

Tribal Incremental Municipal Services Payments collected by or due the Named Insured caused

by damage or destruction to property which is not operated by the Named Insured and which

wholly or partially prevents the generation of revenue for the account of the Named Insured.

The Company shall be liable for the actual loss sustained for only the length of time as would

be required with exercise of due diligence and dispatch to rebuild, replace or repair the

contributing property commencing with the date of damage to the contributing property, but

not limited by the expiration date of this Policy.

If the Named Insured has reported Revenue Interruption values for which premium has been

charged, such loss recovery after deductible shall be limited to whichever is the least of:

1. The sub-limit insured on the Policy;

2. The actual loss sustained;

3. The difference in amount between 97.5% of the anticipated revenue and the

actual total revenue after the loss.

If the Named Insured has not reported Revenue Interruption values, such loss recovery after

deductible shall be limited to whichever is the least of:

1. The actual loss sustained;

2. USD5,000,000 per occurrence

DEDUCTIBLE: Each loss or series of losses arising out of one event at each location shall be

adjusted separately and from the aggregate amount of all such losses 2.50% of the annual

revenue value shall be deducted.

6. EXTENDED PERIOD OF INDEMNITY

Business interruption including rental income, tax interruption, tuition income and extra

expense coverage provided by this Policy is extended for the additional length of time

required to restore the business of the Named Insured to the condition that would have

existed had no loss occurred commencing on either;


a. the date on which the Company’s liability would otherwise terminate or;

b. the date on which rebuilding, repairing or replacement of such property as has been

lost, damaged or destroyed is actually completed, whichever is later.

The Company’s liability under this extension shall terminate no later than the number of days

indicated in the Declaration Page for this item:

7. EXPENSES TO REDUCE LOSS

This Policy also covers such expenses as are necessarily incurred for the purpose of reducing

loss under this section (except incurred to extinguish a fire); but in no event to exceed the

amount by which loss is thereby reduced.

C. EXCLUSIONS

1. The Company shall not be liable for any increase of loss which may be occasioned by the

suspension, lapse, or cancellation of any lease or license, contract or order, unless such

suspension, lapse, or cancellation results directly from the interruption of business caused by

direct physical loss or damage covered by this policy and, then the Company shall only be liable

for such loss as affects the Named Insured’s earnings during and limited to, the period of

indemnity covered under this Policy.

2. With respect to loss resulting from damage to or destruction of media for, or programming

records pertaining to, electronic data processing or electronically controlled equipment, including

data thereon, by the perils insured against, the length of time for which the Company shall be

liable hereunder shall not exceed:

i. Thirty (30) consecutive calendar days or the time required with exercise of due

diligence and dispatch to reproduce the data thereon from duplicates or from originals

of the previous generation, whichever is less; or,

ii. the length of time that would be required to rebuild, repair or replace such other

property herein described as has been damaged or destroyed, but not exceeding

eighteen (18) calendar months, whichever is the greater length of time.

D. CONDITIONS APPLICABLE TO THIS SECTION

If the Named Insured could reduce the loss resulting from the interruption of business:

1. by complete or partial resumption of operation of the property whether or not such property be

lost or damaged, or;

2. by making use of merchandise or other property at the Named Insured’s location or elsewhere;

such reduction shall be taken into account in arriving at the amount of the loss hereunder.

E. DEFINITIONS

1. GROSS EARNINGS

“Gross Earnings” is defined as the sum of:


a. total net sales and;

b. other earnings derived from the operation of the business

less the cost of;

c. merchandise sold including packaging materials and;

d. materials and supplies consumed directly in supplying the service(s) sold by the

Named Insured, and;

e. service(s) purchased from outside (not employees of the Named Insured) for resale

that does not continue under contract.

No other cost shall be deducted in determining gross earnings.

In determining gross earnings, due consideration shall be given to the experience of the

business before the date of loss or damage and the probable experience thereafter, had no loss

occurred.

In the event that Real and/or Personal Property that does not normally produce an income,

sustains damage covered under this policy, the actual recovery under this policy shall be the

continuing fixed charges and expenses directly attributable to such non-productive property.

2. MERCHANDISE

Shall be understood to mean, goods kept for sale by the Named Insured, which are not the

products of manufacturing operations conducted by the Named Insured.

3. EXTRA EXPENSE

The term “extra expense”, whenever used in this Policy, is defined as the excess (if any) of

the total cost incurred during the period of restoration chargeable to the operation of the

Named Insured’s business over and above the total cost that would normally have been

incurred to conduct the business during the same period had no damage or destruction

occurred. Any salvage value of property obtained for temporary use during the period of

restoration, which remains after the resumption of normal operations, shall be taken into

consideration in the adjustment of any loss hereunder.

4. RENTAL VALUE

The term “rental value” is defined as the sum of:

a. the total anticipated gross rental income from tenant occupancy as furnished and

equipped by the Named Insured, and;

b. the amount of all charges which are the legal obligation of the tenant(s) and which

would otherwise be obligations of the Named Insured, and;

c. the fair rental value of any portion of said property which is occupied by the Named

Insured, and;


d. any amount in excess of a., b. and c. (above) which is an obligation due under the

terms and conditions of any revenue bond, certificate of participation or other

financial instrument.

In determining rental value, due consideration shall be given to the experience before the date

of loss or damage and the probable experience thereafter had no loss occurred.

5. PERIOD OF RESTORATION

The period during which business interruption and or rental interruption applies will begin on

the date direct physical loss occurs and interrupts normal business operations and ends on the

date that the damaged property should have been repaired, rebuilt or replaced with due

diligence and dispatch, but not limited by the expiration of this policy.


SECTION IV

GENERAL CONDITIONS

A. PERILS COVERED

Subject to the terms, conditions and exclusions stated elsewhere herein, this Policy provides

insurance against all risk of direct physical loss or damage occurring during the period of this Policy.

B. EXCLUSIONS

This Policy does not insure against any of the following:

1. Loss or damage caused by or resulting from moths, vermin, termites, or other insects,

inherent vice, latent defect, faulty materials, error in design, faulty workmanship, wear, tear

or gradual deterioration, rust, corrosion, wet or dry rot, unless physical loss or damage not

otherwise excluded herein ensues and then only for such ensuing loss or damage.

2. Physical loss or damage by normal settling, shrinkage or expansion in building or foundation.

3. Delay or loss of markets (this exclusion shall be inapplicable to the extent inconsistent with

any time element coverage provided elsewhere herein).

4. Breakdown or derangement of machinery and/or steam boiler explosion, unless physical loss

or damage not otherwise excluded herein ensues and then only for such ensuing loss.

5. Loss or damage caused by or resulting from misappropriation, conversion, inventory

shortage, unexplained disappearance, infidelity or any dishonest act on the part of the Named

Insured, it’s employees or agents or others to whom the property may be entrusted (bailees

and carriers for hire excepted) or other party of interest.

6. Loss or damage caused by or resulting from electrical injury or disturbance from artificial

causes to electrical appliances, devices of any kind or wiring, unless physical loss or damage

not otherwise excluded herein ensues and then only for such ensuing loss. This exclusion

does not apply to data processing equipment or media.

7. Loss or damage to personal property resulting from shrinkage, evaporation, loss of weight,

leakage, breakage of fragile articles, marring, scratching, exposure to light or change in color,

texture or flavor, unless such loss is caused directly by fire or the combating thereof,

lightning, windstorm, hail, explosion, strike, riot, or civil commotion, aircraft, vehicles,

breakage of pipes or apparatus, sprinkler leakage, vandalism and malicious mischief, theft,

attempted theft, flood or earthquake shock (Earthquake Shock, and Flood, in the states of

Alaska, or California shall only apply to locations that are scheduled for Earthquake Shock

and Flood).

8. Loss or damage caused by rain, sleet or snow to personal property in the open (except in the

custody of carriers or bailees for hire).

9. Loss caused directly or indirectly, by:

a. War, hostile or warlike action in time of peace or war, including action in hindering,

combating or defending against an actual, impending or expected attack


i. by any government or sovereign power (de jure or de facto), or by any

Authority maintaining or using military, naval or air forces; or

ii. by military, naval or air forces; or

iii. by an agent of any such government, power, authority or forces;

b. any weapon of war employing atomic fission or radioactive force whether in time of

peace or war;

c. insurrection, rebellion, revolution, civil war, usurped power, or action taken by

governmental Authority in hindering, combating or defending against such an

occurrence, seizure or destruction under quarantine or customs regulations,

confiscation by order of any government or public authority, or risks of contraband or

illegal transportation or trade.

10. Nuclear reaction or nuclear radiation or radioactive contamination from any cause, all

whether direct or indirect, controlled or uncontrolled, proximate or remote, or is contributed

to or aggravated by a Covered Cause of Loss. However:

a. If fire not otherwise excluded results, the Company shall be liable for the

direct physical loss or damage by such resulting fire, but not including, any loss or

damage due to nuclear reaction, nuclear radiation, or radioactive contamination, and

b. This Policy does insure against physical loss or damage caused by sudden and

accidental radioactive contamination, including resultant radiation damage, from

material used or stored or from processes conducted on the Named Insured premises,

provided that, at the time of such loss or damage, there is neither a nuclear reactor nor

any new or used nuclear fuel on the Named Insured premises.

11. As respects course of construction, the following exclusions shall apply:

a. The cost of making good: faulty or defective workmanship, materials, construction

and/or design, but this exclusion shall not apply to damage by a peril not excluded

resulting from such faulty or defective workmanship, materials, construction and/or

design.

b. The cost of non-compliance of, or delay in completion of contract.

c. The cost of non-compliance with contract conditions.

d. Contractors’ equipment or tools not a part of or destined to become a part of the

installation.

12. Loss or damage caused by Earthquake Shock unless a limit is shown on the Declarations for

Earthquake Shock this exclusion will apply.

13. Loss or damage caused by Flood unless a limit is shown on the Declarations for Flood this

exclusion will apply.

14. Loss, damage, cost, claim or expense, whether preventative, remedial or otherwise, directly

or indirectly arising out of or relating to:

a. the recognition, interpretation, calculation, comparison, differentiation, sequencing or

processing of data involving one or more dates or times, by any computer system,

hardware, program or software, or any microchip, integrated circuit or similar device


in computer equipment or non-computer equipment, whether the property of the

Named Insured or not; or

b. any change, alteration, correction or modification involving one or more dates or

times, to any such computer system, hardware, program or software, or any

microchip, integrated circuit or similar device in computer equipment or non-

computer equipment, whether the property of the Named Insured or not.

Except as provided in the next paragraph, this Electronic Date Recognition Clause shall apply

regardless of any other cause or event that contributes concurrently or in any sequence to the

loss, damage, cost, claim or expense.

If direct physical loss or damage not otherwise excluded by this Policy results, then subject to

all its terms and conditions, this Policy shall be liable only for such resulting loss or damage.

Such resulting loss or damage shall not include physical loss or damage to data resulting

directly from a) or b) above, nor the cost, claim or expense, whether preventative, remedial,

or otherwise, arising out of or relating to any change, alteration, correction or modification

relating to the ability of any damaged computer system, hardware, program or software, or

any microchip, integrated circuit or similar device in computer equipment or non-computer

equipment to recognize, interpret, calculate, compare, differentiate sequence or process any

data involving one or more dates or times.

15. Loss or damage in the form of, caused by, arising out of, contributed to, or

resulting from fungus, mold(s), mildew or yeast; or any spores or toxins created or

produced by or emanating from such fungus, mold(s), mildew or yeast;

a. fungus includes, but is not limited to, any of the plants or organisms

belonging to the major group fungi, lacking chlorophyll, and including

mold(s), rusts, mildews, smuts and mushrooms;

b. mold(s) includes, but is not limited to, any superficial growth produced on

damp or decaying organic matter or on living organisms, and fungi that

produce mold(s);

c. spores means any dormant or reproductive body produced by or arising or

emanating out of any fungus, mold(s), mildew, plants, organisms or

microorganisms,

regardless of any other cause or event that contributes concurrently or in any

sequence to such loss.

This exclusion shall not apply to any loss or damage in the form of, caused by,

contributed to or resulting from fungus, mold(s), mildew or yeast, or any spores or

toxins created or produced by or emanating from such fungus, mold(s), mildew or

yeast which the Insured establishes is a direct result of a Covered Loss not otherwise

excluded by the Policy, provided that such fungus, mold(s), mildew or yeast loss

or damage is reported to the Company within twelve months from the expiration date

of the Policy.

16. Loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting

from or in connection with the actual or threatened malicious use of pathogenic or poisonous

biological or chemical materials regardless of any other cause or event contributing

concurrently or in any other sequence thereto.


17. The following additional exclusions apply to animals covered under this Policy:

a. Death of any animal(s) from natural causes.

b. Death of any animal(s) that dies from an unknown cause unless:

i. upon the death of such animal a post-mortem examination conducted on the

animal by a licensed veterinarian, and if

ii. the veterinarian’s post-mortem report shows the cause of death to clearly fall

within the coverages of this Policy.

c. Death of any animal(s) as a result of surgical operation, including inoculation, unless

the necessity for same arises from a loss otherwise covered by this Policy.

d. The death or destruction of any animal(s) caused by, resulting from, or made

necessary by physical injury caused by or resulting from the activities of the injured

animal or other animals unless such death or destruction is the result of a loss

otherwise covered by this Policy.

e. The death of any animal(s) caused directly or indirectly by the neglect or abuse of the

Named Insured, his agent, employees or bailees (carriers for hire excepted) unless

such death is a result of a loss otherwise covered by this Policy.

f. The loss by death of any animal(s) as a result of parturition or abortion.

g. Loss resulting from depreciation in value caused by any animal(s) covered hereunder

becoming unfit for or incapable of filling the function or duties for which it is kept,

employed or intended unless such depreciation is a result of a loss otherwise covered

by this Policy.

h. Loss by destruction of any animal(s) on the order of the federal or any state

government, or otherwise as a result of having contracted or been exposed to any

contagious or communicable disease.

i. The removal or disposal of the remains of any animal(s) or the expense thereof unless

such removal or disposal is the result of a loss otherwise covered by this Policy.

j. The loss of any animal(s) that has been unnerved (the term “unnerved” to be

considered as meaning the operation of neurotomy for lameness).

k. Any claim consequent upon delay, deterioration, or loss of use or loss of market

arising from an event covered by this Policy.

18. Loss, damage, costs or expenses in connection with any kind or description of seepage and/or

pollution and/or contamination, direct or indirect, arising from any cause whatsoever. Except

as provided in Section II Property Damage, B. Extension of Coverage, 21. Accidental

Contamination.

Nevertheless if fire is not excluded from this Policy and a fire arises directly or Indirectly

from seepage and/or pollution and/or contamination, any loss or damage covered under this

Policy arising directly from that fire shall (subject to the terms, conditions and limitations of

the Policy) be covered.


However, if the covered property is the subject of direct physical loss or damage for which

the Company has paid or agreed to pay, then this Policy (subject to its terms, conditions and

limitations) insures against direct physical loss or damage to the property covered hereunder

caused by resulting seepage and/or pollution and/or contamination.

The Named Insured shall give notice to the Company of intent to claim NO LATER THAN

TWELVE (12) MONTHS AFTER THE DATE OF THE ORIGINAL PHYSICAL LOSS OR

DAMAGE.

Notwithstanding the provisions of the preceding exclusions or any provision respecting

seepage and/or pollution and/or contamination, and/or debris removal and/or cost of clean up

in the Policy, in the event of direct physical loss or damage to the property covered

hereunder, this Policy (subject otherwise to its terms, conditions and limitations, including

but not limited to any applicable deductible) also insures, within the sum covered:

(a) expenses reasonably incurred in removal of debris of the property hereunder

destroyed or damaged from the premises of the Named Insured; and/or;

(b) cost of clean up at the premises of the Named Insured made necessary as a

result of such direct physical loss or damage;

PROVIDED that this Policy does not insure against the costs of decontamination or removal

of water, soil or any other substance on or under such premises.

19. Authorities Exclusion:

Fines, penalties or cost incurred or sustained by the Named Insured or imposed on the Named

Insured at the order of any Government Agency, Court or other Authority, in connection with

any kind or description of environmental impairment including seepage or pollution or

contamination from any cause.

20. The following exclusion applies to Terrorism:

Any act of terrorism. An act of terrorism means an act, including but not limited to the use

of the force or violence and/or the threat thereof, of any person or group(s) of persons,

whether acting alone or on behalf of or in connection with any organization(s) or

government(s), committed for political, religious, ideological or similar purpose including

the intention to influence any government and/or to put the public, or any section of the

public, in fear.

This Policy also excludes loss, damage, cost or expense of whatsoever nature directly or

indirectly caused by, resulting from or in connection with any action taken in controlling,

preventing, suppressing or in any way relating to the paragraph above.

If the Company allege that by reason of this exclusion, any loss, damage, cost or expense is

not covered by this insurance the burden of proving the contrary shall be upon the Named

Insured.

In the event any portion of this exclusion is found to be invalid or unenforceable, the

remainder shall remain in full force and effect. All other terms and conditions remain

unaltered.

C. STATUTES


If any of the articles of this Policy conflict with the laws or statutes of any jurisdictions in which this

Policy applies this Policy is amended to conform to such laws or statutes.


D. TERRITORIAL LIMITS

This Policy insures Real and Personal Property within the United States of America. Personal

Property is extended to Worldwide coverage. The coverage provided by this clause for Personal

Property is sub-limited to USD as per Declaration Page.

E. REINSTATEMENT

Any reduction in the amount insured hereunder due to payment of any loss or losses shall be

automatically reinstated for the balance of the term of this contract except as respects to the perils of

Earthquake Shock and Flood.

F. FREE ON BOARD (F.O.B.) SHIPMENTS

The Company shall be liable for the interest of the Named Insured at sole option of the Named

Insured, the interest of the consignee in merchandise, which has been sold by the Named Insured

under terms of F.O.B. point of origin or other terms usually regarded as terminating shippers’

responsibility short of point of delivery.

G. BREACH OF CONDITIONS

If any breach of a clause, condition or warranty of this Policy shall occur prior to a loss affected

thereby under this Policy, such breach shall not void the Policy nor avail the Company to avoid

liability unless such breach shall exist at the time of such loss under this contract or Policy, and be a

contributing factor to the loss for which claim is presented hereunder, it being understood that such

breach of clause or condition is applicable only to the property affected thereby. Notwithstanding

the foregoing, if the Named Insured establishes that the breach, whether contributory or not, occurred

without its knowledge or permission or beyond its control, such breach shall not prevent the Named

Insured from recovering under this Policy.

H. PERMITS AND PRIVILEGES

Anything in the printed conditions of this Policy to the contrary notwithstanding, permission is

hereby granted:

1. to maintain present hazards and hazards which are consistent with the current operation of

insured facilities;

2. to make additions, alterations, extensions, improvements and repairs, to delete, demolish,

construct and reconstruct, and also to include all materials, equipment and supplies incidental

to the foregoing operations of the property covered hereunder, while in, on and/or about the

premises or adjacent thereto;

3. for such use of the premises as usual and/or incidental to the business as conducted therein

and to keep and use all articles and materials usual and/or incidental to said business in such

quantities as the exigencies of the business require;

4. to be or become vacant or unoccupied. If a building becomes vacant or unoccupied, notice is

to be given to the Company prior to the one-hundred twentieth (120th) consecutive day of

vacancy or lack of occupancy. The giving, or failure to give such notice will not constitute a

condition precedent to the Company’s liability, but the Named Insured shall make a

reasonable effort to comply with such requirement.


This Policy shall not be prejudiced by:

1. any error in stating the name, number, street, or location of any building(s) and contents

covered hereunder, or any error or omission involving the name or title of the Named

Insured;

2. any act or neglect of the owner of the building, if the Named Insured hereunder is not the

owner, or of any occupant of the within described premises other than the Named Insured,

when such act or neglect is not within the control of the Named Insured, named herein; or

3. by failure of the Named Insured to comply with any of the warranties or conditions endorsed

hereon in any portion of the premises over which the Named Insured has no control.

I. PROTECTIVE SAFEGUARDS

The Named Insured shall exercise due diligence in maintaining in complete working order all

protective safeguard equipment and services.

J. NOTICE OF LOSS

In the event of loss or damage insured against under this Policy, the Named Insured shall give notice

thereof to ALLIANT INSURANCE SERVICES, INC., 100 Pine Street, 11th Floor, San Francisco,

CA 94111-1073. TEL NO. (877) 725-7695, FAX NO. (415) 403-1466 of such loss. Such notice is

to be made as soon as practicable upon knowledge within the risk management or finance division of

the insured that a loss has occurred.

K. ARBITRATION OF VALUE

In case the Named Insured and the Company shall fail to agree as to the amount of loss, then, on the

written demand of either, each shall select a competent and disinterested appraiser and notify the

other of the appraisers selected. The appraiser shall first select a competent and disinterested umpire,

and failing to agree upon such umpire, then, on request of the Named Insured or the Company such

umpire shall be selected by judge of a court of record in the state in which the property covered is

located.

The appraisers shall as soon as practicable, appraise the loss stating separately the loss of each item

and failing to agree, shall submit their differences only to the umpire. An award in writing so

itemized, of any two appraisers when filed with the Company shall determine the amount of loss.

The party selecting him shall pay each appraiser and the expenses of appraisal and umpire shall be

paid by the parties equally.

L. PROOF OF LOSS

The Named Insured shall render a signed and sworn proof of loss as soon as practical after the

occurrence of a loss, stating the time, place and cause of loss, the interest of the Named Insured and

of all others in the property, the value thereof and the amount of loss or damage thereto.

M. SUBROGATION

In the event of any loss payment under this Policy, the Company, shall be subrogated to all the

Named Insured’s rights of recovery thereof against any person or organization and the Named

Insured shall execute and deliver instruments and papers and do whatever else is necessary to secure

such rights.


As respects subrogation it is agreed that, after expenses incurred in subrogation are deducted, the

Named Insured and the Company shall share proportionately to the extent of their respective interests

as determined by the amount of their net loss. Any amount thus found to be due to either party from

the other shall be paid promptly.

Notwithstanding the above wording, the Named Insured has the right to enter into an agreement that

releases or waives the Named Insured’s right to recovery against third parties responsible for the loss

if made before the loss occurred.

N. CANCELLATION

This Policy may be cancelled by the Named Insured at any time by written notice or surrender of this

Policy. This Policy may also be cancelled by or on behalf of the Company by delivering to the

Named Insured or by mailing to the Named Insured, by registered, certified or other first class mail

at the Named Insured’s address as shown in this Policy, written notice, not less than ninety (90) days

prior to the effective date of cancellation. The mailing of such notice as aforesaid shall be sufficient

proof and this Policy and shall terminate at the date and hour specified in such notice.

Notwithstanding what has been stated above, however, should this Policy be cancelled for non-

payment of assessment, the Company shall only be required to give the Named Insured ten (10) days

notice.

If this insurance in total shall be cancelled by the Named Insured, the Company shall retain the

customary short rate proportion of the premium hereon. If the Company elects to cancel coverage

mid-term, then such cancellation shall be handled on a pro-rata basis without short rate penalty.

In the event of cancellation the aggregate retention and specific limit amount shall be applied pro rata

with the balance, if any, to be paid to the Named Insured.

Payment or tender of any unearned premium by the Company shall not be condition precedent to the

effectiveness of cancellation but such payment shall be made forthwith.

Cancellation shall not affect coverage on any shipment in transit on date of cancellation. Coverage

will continue in full force until such property is safely delivered and accepted at place of final

destination.

It is understood and agreed that if the Named Insured cancels this Policy, the Policy is subject to

25% minimum earned premium regardless of the length of time coverage is in force.

O. ABANDONMENT

There shall be no abandonment to the Company of any property.

P. ASSIGNMENT

Assignment or transfer of this Policy shall not be valid except with the written consent of the

Company.

Q. SALVAGE

When, in connection with any loss hereunder, any salvage is received prior or subsequent to the

payment of such loss, the loss shall be figured on the basis on which it would have been settled had

the amount of salvage been known at the time the loss was originally determined. The salvage value

will be deducted from the claim or returned to the Company.


R. OTHER INSURANCE

Permission is hereby granted to the Named Insured to carry more specific insurance on any property

covered under this Policy. This Policy shall not attach or become insurance upon any property

which at the time of loss is more specifically described and covered under any other policy form

until the liability of such other insurance has first been exhausted and shall then cover only the

excess of value of such property over and above the amount payable under such other insurance,

whether collectible or not. This Policy, subject to its conditions and limitations, shall attach and

become insurance upon such property as respects any peril not covered by such other insurance and

not otherwise excluded herein.

In the event of a loss that is covered by other insurance, wherein this Policy is excess of any amount

paid by such other insurer, the other insurance shall be applied to the deductible amount stated

elsewhere. Should the amount paid by such other insurance exceed these deductibles, no further

deductibles shall be applied under this Policy.

S. EXCESS INSURANCE

Permission is granted for the Named Insured to maintain excess insurance over the limit of liability

set forth in this Policy without prejudice to this Policy and the existence of such insurance, if any,

shall not reduce any liability under this Policy. Also it is understood and agreed as respects

earthquake shock or flood, that in the event of reduction or exhaustion of the aggregate limits of

liability under the underlying Policy(s) by reason of loss(es) hereunder, this Policy shall:

1. in the event of reduction, pay out excess of the reduced underlying limit and;

2. in the event of exhaustion, continue in force as the underlying Policy.

T. RIGHT TO REVIEW RECORDS FOLLOWING AN INSURED LOSS

The Named Insured as often as may be reasonably required, shall submit and so far as within their

power, cause all other persons interested in the property or employees to submit to examination

under oath by any person named by the Company relative to any and all matters in connection with a

claim, and produce for examination all books of account, bills, invoices and other vouchers or

certified copies thereof if originals be lost, at such reasonable time and place as may be designated

by the Company or their representatives and shall permit extracts and copies thereof to be made.

U. CONCEALMENT AND FRAUD

This entire Policy shall be void, if whether before or after a loss, the Named Insured has willfully

concealed or misrepresented any material facts or circumstance concerning this Policy of the subject

thereof, or the interest of the Named Insured therein, or in case of any fraud or false swearing by the

Named Insured relating thereto.

V. FULL WAIVER

The terms and conditions of this form and any approved endorsements supersede any policy jacket

that may be attached hereto.


W. SUIT AGAINST COMPANY

No suit, action or proceeding for the recovery of any claim under this Policy shall be sustainable in

any court of law or equity unless the Named Insured shall have complied with all the requirements of

this Policy, nor unless the suit is commenced within twelve (12) months after the date that the

Company has made its final offer of settlement or denial of the loss. However, that if under the laws

of the jurisdiction in which the property is located such limitation is invalid, then any such claims

shall be void unless such action, suit or proceedings be commenced within the shortest limit of time

permitted by the laws of such jurisdiction.


X. JOINT LOSS ADJUSTMENT – BOILER & MACHINERY

In the event of damage to or destruction of property, at a location designated in this Policy and also

designated in a boiler and machinery insurance policy, and there is a disagreement between the

Company and the Named Insured with respect to:

(1) Whether such damage or destruction was caused by a peril covered against by this

Policy or by an accident covered against by such boiler and machinery insurance

policy(ies) or;

(2) The extent of participation of this Policy and of such boiler and machinery insurance

policy in a loss that is covered against, partially or wholly, by one or all of said

policy(ies).

The Company shall, upon written request of the Named Insured, pay to the Named Insured one-half

of the amount of the loss which is in disagreement, but in no event more than the Company would

have paid if there had been no boiler and machinery insurance policy(ies) in effect, subject to the

following conditions:

(1) The amount of loss which is in disagreement after making provisions for any

undisputed claims payable under the said policy(ies) and after the amount of the loss

is agreed by the Named Insured and the Boiler and Machinery Insurer and the

Company is limited to the minimum amount remaining payable under either the boiler

and machinery insurance policy(ies).

(2) The boiler and machinery insurer(s) shall simultaneously pay to the Named Insured,

one-half of the said amount, which is in disagreement.

(3) The payments by the Company and acceptance of the same by the Named Insured

signify the agreement of the Company to submit to and proceed with arbitration

within ninety (90) days of such payments:

The arbitrators shall be three (3) in number, one of whom shall be appointed by the boiler insurer(s)

and one of whom shall be appointed by the Company hereon and the third appointed by consent of

the other two, and the decision by the arbitrators shall be binding on the insurer(s) and the Named

Insured and that judgment upon such award may be entered in any court of competent jurisdiction.

(4) The Named Insured agrees to cooperate in connection with such arbitration but not to

intervene therein.

(5) This agreement shall be null and void unless the Policy of the boiler and machinery

Insurer is similarly endorsed.

In no event shall an Insurer be obligated to pay more than their total single limit.

Y. JOINT LOSS ADJUSTMENT – EXCESS PROPERTY

In the event of damage to or destruction of property at a location designated in this Policy and also

designated in an excess insurance policy(ies) and if there is disagreement between the insurers with

respect to:

(1) whether such damage or destruction was caused by a single event or by multiple

events or;


(2) the extent of participation of this Policy and any excess insurance policy in a loss

covered against partially or wholly, by one of said Policy or policy(ies).

The Company shall, upon written request of the Named Insured, pay to the Named Insured one-half

of the amount of the loss which is in disagreement, but in no event more than the Company would

have paid if there had been no excess insurance or policy(ies) in effect, subject to the following

conditions:

(1) the amount of loss which is in disagreement after making provisions for any

undisputed claims payable under the said policy(ies) and after the amount of the loss

is agreed by the Named Insured and the Company is limited to the minimum amount

remaining payable under either the primary insurance policy or excess insurance

policy(ies);

(2) the excess insurers shall simultaneously pay to the Named Insured one-half of the said

amount which is in disagreement, and;

(3) the payments by the Company hereunder and acceptance of the same by the Named

Insured signify the agreement of the Company to submit to and proceed with

arbitration within ninety (90) days of such payments.

The arbitrators shall be three (3) in number, one of whom shall be appointed by the excess insurer(s)

and one of whom shall be appointed by the Company and the third appointed by consent of the other

two, and the decision by the arbitrators shall be binding on the Company and the Named Insured, and

that judgment upon such award may be entered in any court of competent jurisdiction.

(4) The Named Insured agrees to cooperate in connection with such arbitration but not to

intervene therein.

Z. LENDER’S LOSS PAYABLE

The following provisions (or equivalent) apply as required by “mortgages” and “lenders” to whom

certificates of coverage have been issued.

1. Loss or damage, if any, under this policy, shall be paid to the Payee named on the first page

of this policy, its successors and assigns, hereinafter referred to as “the Lender”, in whatever

form or capacity its interests may appear and whether said interest be vested in said Lender in

its individual or in its disclosed or undisclosed fiduciary or representative capacity, or

otherwise, or vested in a nominee or trustee of said Lender.

2. The insurance under this policy, or any rider or endorsement attached thereto, as to the

interest only of the Lender, its successors and assigns, shall not be invalidated nor suspended:

(a) by any error, omission, or change respecting the ownership, description, possession,

or location of the subject of the insurance or the interest therein, or the title thereto;

(b) by the commencement of foreclosure proceedings or the giving of notice of sale of

any of the property covered by this policy by virtue of any mortgage or trust deed;

(c) by any breach of warranty, act, omission, neglect, or non-compliance with any of the

provisions of this policy, including any and all riders now or hereafter attached

thereto, by the Named Insured, the borrower, mortgagor, trustor, vendee, owner,

tenant, warehouseman, custodian, occupant, or by the agents of either or any of them

or by the happening of any event permitted by them or either of them, or their agents,

or which they failed to prevent, whether occurring before or after the attachment of

this endorsement, or whether before or after a loss, which under the provisions of this


policy of insurance or of any rider or endorsement attached thereto would invalidate

or suspend the insurance as to the Named Insured, excluding here from, however, any

acts or omissions of the Lender while exercising active control and management of

the property.

3. In the event of failure of the Named Insured to pay any premium or additional premium

which shall be or become due under the terms of this policy or on account of any change in

occupancy or increase in hazard not permitted by this policy, the Company agrees to give

written notice to the Lender of such non-payment of premium after sixty (60) days from and

within one hundred and twenty (120) days after due date of such premium and it is a

condition of the continuance of the rights of the Lender hereunder that the Lender when so

notified in writing by this Company of the failure of the Named Insured to pay such premium

shall pay or cause to be paid the premium due within ten (10) days following receipt of the

Company’s demand in writing therefore. If the Lender shall decline to pay said premium or

additional premium, the rights of the Lender under this Lender’s Loss Payable Endorsement

shall not be terminated before ten (10) days after receipt of said written notice by the Lender.

4. Whenever the Company shall pay to the Lender any sum for loss or damage under this policy

and shall claim that as to the Named Insured no liability therefore exists, the Company, at its

option, may pay to the Lender the whole principal sum and interest and other indebtedness

due or to become due from the Named Insured, whether secured or unsecured, (with refund

of all interest not accrued), and the Company, to the extent of such payment, shall thereupon

receive a full assignment and transfer, without recourse, of the debt and all rights and

securities held as collateral thereto.

5. If there be any other insurance upon the within described property, the Company shall be

liable under this policy as to the Lender for the proportion of such loss or damage that the

sum hereby insured bears to the entire insurance of similar character on said property under

policies held by, payable to and expressly consented to by the Lender. Any Contribution

Clause included in any Fallen Building Clause Waiver or any Extended Coverage

Endorsement attached to this contract of insurance is hereby nullified, and also any

Contribution Clause in any other endorsement or rider attached to this contract of insurance is

hereby nullified except Contribution Clauses for the compliance with which the Named

Insured has received reduction in the rate charged or has received extension of the coverage

to include hazards other than fire and compliance with such Contribution Clause is made a

part of the consideration for insuring such other hazards. The Lender upon the payment to it

of the full amount of its claim, will subrogate the Company (pro rata with all other insurers

contributing to said payment) to all of the Lender’s rights of contribution under said other

insurance.

6. The Company reserves the right to cancel this policy at any time, as provided by its terms,

but in such case this policy shall continue in force for the benefit of the Lender for ten (10)

days after written notice of such cancellation is received by the Lender and shall then cease.

7. This policy shall remain in full force and effect as to the interest of the Lender for a period of

ten (10) days after its expiration unless an acceptable policy in renewal thereof with loss there

under payable to the Lender in accordance with the terms of this Lender’s Loss Payable

Endorsement, shall have been issued by some insurance company and accepted by the

Lender.

8. Should legal title to and beneficial ownership of any of the property covered under this policy

become vested in the Lender or its agents, insurance under this policy shall continue for the

term thereof for the benefit of the Lender but, in such event, any privileges granted by this

Lender’s Loss Payable Endorsement which are not also granted the Named Insured under the


terms and conditions of this policy and/or under other riders or endorsements attached thereto

shall not apply to the insurance hereunder as respects such property.

9. All notices herein provided to be given by the Company to the Lender in connection with this

policy and this Lender’s Loss Payable Endorsement shall be mailed to or delivered to the

Lender at its office or branch described on the first page of the policy.

Approved: Board of Fire Underwriters of the Pacific; California Bankers’ Association – Committee

on Insurance

AA. SEVERAL LIABILITY NOTICE

The subscribing insurers’ obligations under contracts of insurance to which they subscribe are

several, not joint and are limited solely to the extent of their individual subscriptions. The

subscribing insurers are not responsible for the subscription of any co-subscribing insurer who for

any reason does not satisfy all or part of its obligations.

AB. LOSS PAYABLE PROVISIONS

A. LOSS PAYABLE

For covered property in which both insured and a Loss Payee have an insurable interest, the

Company will:

1. Adjust losses with the Named Insured, and;

2. Pay any claim for loss or their damage jointly to the Named Insured and the Loss

Payee, as interests may appear.

B. LENDER’S LOSS PAYABLE

1. The Loss Payee is a creditor, including a mortgage holder or trustee, whose

interest in Covered Property is established by such written instruments as:

a. Warehouse receipts;

b. A contract for deed;

c. Bills of lading;

d. Financing statements or;

e. Mortgages, deeds of trust or security agreements.

2. For Covered Property in which both the Named Insured and a Loss Payee have an

insurable interest:

a. We will pay for covered loss or damage to each Loss Payee in their order of

precedence, as interests may appear.

b. The Loss Payee has the right to receive loss payment even if the Loss Payee

has started foreclosure or similar action on the Covered Property.

c. If the Company deny the Named Insured claim because of the insured act or

because the Named Insured have failed to comply with the terms of the

Coverage Part, the Loss Payee will still have the right to receive loss payment

if the Loss Payee:

(1) Pays any premium due under this Coverage Part at our request if the

Named Insured have failed to do so;


(2) Submits a signed, sworn proof of loss within ninety (90) days after

receiving notice from us of the Named Insured failure to do so, and;

(3) Has notified us of any change in ownership, occupancy or substantial

change in risk known to the Loss Payee.

All of the terms of this Coverage Part will then apply directly to the Loss Payee.

d. If the Company pays the Loss Payee for any loss or damage and deny payment

to the Named Insured because of the Named Insured acts or because the

Named Insured have failed to comply with the terms of this Coverage Part:

(1) The Loss Payee’s rights will be transferred to us to the extent of the

amount the Company pays and;

(2) The Loss Payee’s rights to recover the full amount of the Loss

Payee’s claim will not be impaired.

At our option, the Company may pay to the Loss Payee the whole principal on the debt plus

any accrued interest. In this event, the Named Insured will pay the insureds’ remaining debt

to us.

3. If the Company cancels this policy, the Company will give written notice to the Loss

Payee at least:

a. Ten (10) days before the effective date of cancellation if the Company cancels

for the insured non-payment of premium or;

b. Thirty (30) days before the effective date of cancellation if the Company

cancels for any other reason.

4. If the Company elects not to renew this policy, the Company will give written notice

to the Loss Payee at least ten (10) days before the expiration date of this policy.

C. CONTRACT OF SALE

1. The Loss Payee is a person or organization the Named Insured have entered a contract

with for the sale of Covered Property.

2. For Covered Property in which both the Named Insured and the Loss Payee have an

insurable interest the Company will:

a. Adjust losses with the Named Insured and;

b. Pay any claim for loss or damage jointly to the Named Insured and the Loss

Payee, as interests may appear.

3. The following is added to the OTHER INSURANCE Condition:

For Covered Property that is the subject of a contract of sale, the word “the Insured”

includes the Loss Payee.


AC. ELECTRONIC DATA

1. Electronic Data Exclusion

Notwithstanding any provision to the contrary within the Policy or any endorsement thereto,

it is understood and agreed as follows:

a. This Policy does not insure, loss, damage, destruction, distortion, erasure,

corruption or alteration of ELECTRONIC DATA from any cause whatsoever

(including but not limited to COMPUTER VIRUS) or loss of use, reduction in

functionality, cost, expense of whatsoever nature resulting therefrom,

regardless of any other cause or event contributing concurrently or in any other

sequence to the loss.

ELECTRONIC DATA means facts, concepts and information converted to a

form useable for communications, interpretation or processing by electronic

and electromechanical data processing or electronically controlled equipment

and includes program, software, and other coded instructions for the

processing and manipulation of data or the direction and manipulation of such

equipment.

COMPUTER VIRUS means a set of corrupting, harmful or otherwise

unauthorized instructions or code including a set of maliciously introduced

unauthorized instructions or code, programmatic or otherwise, that propagate

themselves through a computer system or network of whatsoever nature.

COMPUTER VIRUS includes but is not limited to “Trojan Horses”, “worms”

and “time or logic bombs”.

b. However, in the event that a peril listed below results from any of the matters

described in paragraph a) above, this Policy, subject to all its terms, conditions

and exclusions will cover physical damage occurring during the Policy period

to property insured by this Policy directly caused by such listed peril.

Listed Perils

Fire Explosion

2. Electronic Data Processing Media Valuation

Notwithstanding any provision to the contrary within the Policy or any endorsement thereto,

it is understood and agreed as follows:

Should electronic data processing media insured by this Policy suffer physical loss or

damage insured by this Policy, then the basis of valuation shall be the cost to repair, replace

or restore such media to the condition that existed immediately prior to such loss or damage,

including the cost of reproducing any ELECTRONIC DATA contained thereon, providing

such media is repaired, replaced or restored. Such cost of reproduction shall include all

reasonable and necessary amounts, not to exceed USD10,000,000 any one loss, incurred by

the Named Insured in recreating, gathering and assembling such ELECTRONIC DATA. If

the media is not repaired, replaced or restored the basis of valuation shall be the cost of the

blank media. However this Policy does not insure any amount pertaining to the value of such

ELECTRONIC DATA to the Named Insured or any other party, even if such ELECTRONIC

DATA cannot be recreated, gathered or assembled.


AD. LOSS ADJUSTMENT SERVICES

McLarens Young, International, 180 Montgomery Street, Suite 2100, San Francisco, California

94104-4231 is hereby authorized to represent the Company in the investigation and adjustment of

any loss or damage under this Policy at the expense of the Company and without regard to the

amount of loss or damage and/or applicable deductible if any.

However, the Company reserves the right to utilize other adjusting firms at its discretion.

AE. SERVICE OF SUIT CLAUSE (USA) APPLICABLE TO EXCESS CARRIERS

It is agreed that in the event of the failure of the Underwriters hereon to pay any amount claimed to

be due hereunder, the Underwriters hereon, at the request of the Named Insured (or Reinsured), will

submit to the jurisdiction of a Court of competent jurisdiction within the United States. Nothing in

this Clause constitutes or should be understood to constitute a waiver of Underwriters' rights to

commence an action in any Court of competent jurisdiction in the United States, to remove an action

to a United States District Court, or to seek a transfer of a case to another Court as permitted by the

laws of the United States or of any State in the United States. It is further agreed that service of

process in such suit may be made upon:

1. FLWA Service Corp, c/o Foley and Lardner LLP, 555 California Street, Suite 1700, San

Francisco, CA 94104-1520 (applicable to all markets except as noted below)

2. Counsel, Legal Department, Lexington Insurance Company, 99 High Street, Boston,

Massachusetts, 02110 (applicable to Lexington Insurance Company)

and that in any suit instituted against any one of them upon this contract, Underwriters will abide by

the final decision of such Court or of any Appellate Court in the event of an appeal.

The above-named are authorized and directed to accept service of process on behalf of Underwriters

in any such suit and/or upon the request of the Insured (or Reinsured) to give a written undertaking to

the Insured (or Reinsured) that they will enter a general appearance upon Underwriters' behalf in the

event such a suit shall be instituted.

Further, pursuant to any statute of any state, territory or district of the United States which makes

provision therefore, Underwriters hereon hereby designate the Superintendent, Commissioner or

Director of Insurance or other officer specified for that purpose in the statute, or his successor or

successors in office, as their true and lawful attorney upon whom may be served any lawful process

in any action, suit or proceeding instituted by or on behalf of the Insured (or Reinsured) or any

beneficiary hereunder arising out of this contract of insurance (or reinsurance), and hereby designate

the above-named as the person to whom the said officer is authorized to mail such process or a true

copy thereof.

NMA1998 (amended)

AF. DEFINITIONS

1. OCCURRENCE

Each occurrence is defined as a loss, incident or series of losses or incidents not otherwise

excluded by this Policy and arising out of a single event or originating cause and includes all

resultant or concomitant insured losses. When the term applies to loss or losses from

earthquake shock, flood and/or windstorm, the following provisions shall apply:

a. Windstorm


Each loss by windstorm shall constitute a single claim hereunder; provided, if more

than one windstorm shall occur within any period of seventy-two (72) hours during

the term of this Policy, such windstorm shall be deemed to be a single windstorm

within the meaning thereof. The Named Insured may elect the moment from which

each of the aforesaid periods of seventy-two (72) hours shall be deemed to have

commenced but no two such seventy-two (72) hour periods shall overlap. The

Company shall not be liable for any loss occurring before the effective date and time

of the Policy. The Company will be liable for any losses occurring for a period of up

to seventy-two (72) hours after the expiration of this Policy provided that the first

windstorm loss or damage within that seventy-two (72) hours occurs prior to the date

and time of expiration of this Policy.

In the event of there being a difference of opinion between the Named Insured and the

Company as to whether or not all windstorm losses sustained by the Named Insured

during an elected period of seventy-two (72) hours arose out of, or was caused by a

single atmospheric disturbance, the stated opinion of the National Weather Service or

comparable Authority in any other country or locality shall govern as to whether or

not a single atmospheric disturbance continued throughout the period at the

location(s) involved.

b. Flood

Each loss by flood shall constitute a single loss hereunder.

1. If any flood occurs within a period of the continued rising or overflow of any

river(s) or stream(s) and the subsidence of same within the banks of such

river(s) or stream(s) or;

2. If any flood results from any tidal wave or series of tidal waves caused by any

one disturbance;

such flood shall be deemed to be a single occurrence within the meaning of this

Policy.

Should any time period referred to above extend beyond the expiration date of this

Policy and commence prior to expiration, the Company shall pay all such flood losses

occurring during such period as if such period fell entirely within the term of this

Policy.

The Company shall not be liable, however, for any loss caused by any flood occurring

before the effective date and time of this Policy or commencing after the expiration

date and time of this Policy.

Flood shall mean a general condition of partial or complete inundation of normally

dry land area from:

1. overflow of inland or tidal water;

2. unusual and rapid accumulation or run off of surface waters from any natural

source.

Flood shall also mean mudslide or mudflow, which is a river or flow of liquid mud

caused by flooding as defined in 1. or 2. above.


The definition of flood does not include ensuing loss or damage by fire, explosion,

or sprinkler leakage.


c. Flood Zone A and V

Flood zones A and V as referenced in this policy is defined by FEMA as being

inclusive of all 100 year high risk flood areas. A one-hundred-year flood is a flood

event that has a 1% probability of occurring in any given year.

d. Earthquake Shock

With respect to the peril of earthquake shock, any and all losses from this cause

within a one hundred sixty-eight (168) hour period shall be deemed to be one loss.

The Named Insured may elect the moment from which each of the aforesaid periods

of one hundred sixty eight (168) hours shall be deemed to have commenced but no

two such one hundred sixty eight (168) hour periods shall overlap.

The Company shall not be liable for any loss caused by an earthquake shock

occurring before the effective date and time of this Policy. The Company will be

liable for any losses occurring for a period of up to one hundred sixty eight (168)

hours after the expiration of this Policy provided that the first earthquake shock loss

or damage within that one hundred sixty eight (168) hours occurs prior to the date and

time of the expiration of this Policy.

In the event of there being a difference of opinion between the Named Insured and the

Company as to whether or not all earthquake shock losses sustained by the Named

Insured during an elected period of one hundred sixty eight (168) hours arose out of,

or were caused by a single earthquake shock, the stated opinion of the National

Earthquake Shock Information Service of the United States Department of the Interior

or comparable Authority in any other country or locality shall govern as to whether or

not a single earthquake shock continued throughout the period at the locations

involved.

The term earthquake shock is defined as: earth movement meaning natural faulting of

land masses, but not including subsidence, landslide, rock slide, earth rising, earth

sinking, earth shifting or settling unless as a direct result of such earth movement.

The definition of earthquake shock does not include ensuing loss or damage by fire,

explosion or sprinkler leakage. Further Earthquake Sprinkler Leakage is covered

outside of the “Earthquake Shock” definition and subject to the basic peril deductible.

2. PERSONAL PROPERTY OF OTHERS

Means, any property (other than real property) belonging to others for which a Named

Insured has assumed liability. This includes but is not limited to:

Articles of Clothing

Jewelry

Sound Equipment

Fine Arts (up to the sub-limit of unscheduled fine arts)

EDP Media & Hardware

Valuable Papers

Portable Electronic Equipment

Employee Tools


3. IMPROVEMENTS AND BETTERMENTS

Means, additions or changes made by a Named Insured / lessee at their own expense to a

building they are occupying that enhance the building’s value.

4. VALUABLE PAPERS AND RECORDS

Means, all inscribed, printed, or written; documents, manuscripts or records; including but

not limited to abstracts, books, deeds, drawing, films, maps, or mortgages. Valuable Papers

are not money, securities, stamps or converted data program or instructions used in the

Named Insured’s data processing operations including the materials on which data is

recorded.

5. TIER I WINDSTORM COUNTIES

State

Tier I Counties, Parishes or Independent Cities

Alabama Baldwin, Mobile

Florida Entire State, All Counties

Georgia Bryan, Camden, Chatham, Glynn, Liberty, McIntosh,

Hawaii Entire State, All Counties

Louisiana Assumption, Calcasieu, Cameron, Iberia, Jefferson, Lafourche,

Livingston, Orleans, Plaquemines, St. Bernard, St. Charles, St.

James, St. John the Baptist, St. Mary, St. Tammany, Tangipahoa,

Terrebonne, Vermilion

Mississippi Hancock, Harrison, Jackson

North Carolina Beaufort, Bertie, Brunswick, Camden, Carteret, Chowan, Columbus,

Craven, Currituck, Dare, Hyde, Jones, New Hanover, Onslow,

Pamlico, Pasquotank, Pender, Perquimans, Tyrell, Washington

South Carolina Beaufort, Berkley, Charleston, Colleton, Georgetown, Horry, Jasper

Texas Aransas, Brazoria, Calhoun, Cameron, Chambers, Galveston, Harris

(entire County), Jackson, Jefferson, Kenedy, Kleberg, Liberty,

Matagorda, Newton, Nueces, Orange, Refugio, San Patricio,

Victoria, Willacy

Virginia Accomack, Charles City, Chesapeake City, Gloucester, Hampton

City, Isle of Wight, James City, Lancaster, Mathews, Middlesex,

New Kent, Newport News, Norfolk City, Northampton,

Northumberland, Poquoson City, Portsmouth City, Prince George,

Suffolk City, Sussex, Surry, Virginia Beach City, Westmoreland,

Williamsburg City, York


AG. ADDITIONAL INSURED’S / LOSS PAYEES

It is hereby understood and agreed that the interest of Additional Insured’s and/or Loss

Payees is automatically included, as per schedule held on file with Alliant Insurance

Services, Inc.


SECTION V

FINE ARTS

A. COVERAGE

This policy insures against all risks of physical loss of or damage except as hereafter excluded

occurring during the policy period to fine arts, which are the property of the Named Insured or the

property of others in the custody or control of the Named Insured while on exhibition or otherwise

within the limits of the United States.

If any of the property covered by this Section is also covered under any other provisions of the

Policy of which this Section is made a part, those provisions are hereby amended to exclude such

property, the intent being that the coverage under this Section is the sole coverage on such property.

1. PROPERTY COVERED

Objects of art of every kind and description, and property incidental thereto, which are the

property of the Named Insured, or the property of others in the custody and control of the

Named Insured, or in transit at the Named Insured’s risk, and property in which the Named

Insured shall have a fractional ownership interest which are owned by or have been leased,

loaned, rented or otherwise made available to the Named Insured. “Property” shall mean

paintings, drawings, etchings, prints, rare books, manuscripts, rugs, tapestries, furniture,

pictures, bronzes, potteries, porcelains, marbles statuary and all other bonafide works of art

and other objects of rarity, historic value, cultural interest or artistic merit, which are part of

the collections of the Named Insured, or in the care, custody or control of the Named

Insured, and their frames, glazing and shadow boxes.

2. “WALL TO WALL” (“NAIL TO NAIL”) COVERAGE

This Section covers the Named Insured’s property on a “Wall to Wall” (“Nail to Nail”) basis,

or domicile to domicile basis, as applicable, from the time said property is removed from its

normal repository incidental to shipment until returned thereto or other point designated by

the owner or owner’s agent prior to return shipment, including while in transit to or from

points of consolidation or deconsolidation, packing, repacking or unpacking, while at such

locations during such processes or awaiting shipment.

Coverage shall terminate upon arrival of the covered property at the final destination

designated by the owner or owner’s agent, or upon expiration of this Policy, whichever may

occur first, except that expiration of this Policy shall not prejudice coverage of any risk then

in transit.

B. EXCLUSIONS

1. Loss or damage occasioned by: wear and tear, gradual deterioration, insects, vermin, inherent

vice or damage sustained due to and resulting from any repairing, restoration or retouching

process;

2. Loss or damage caused by or resulting from:

a. War, hostile or warlike action in time of peace or war, including action in hindering,

combating or defending against an actual, impending or expected attack;


i. by any government or sovereign power (de jure or de facto), or by any

authority maintaining or using military, naval or air forces or;

ii. by military, naval or air forces; or


b. Any weapon of war employing atomic fission or radioactive force whether in time of

peace or war;

c. Insurrection, rebellion, revolution, civil war, usurped power, or action taken by

governmental authority in hindering, combating or defending against such an

occurrence, seizure or destruction under quarantine or customs regulations, confiscation

by order of any government or public authority, or risks of contraband or illegal

transportation or trade.

3. Nuclear reaction or nuclear radiation or radioactive contamination from any cause, all

whether direct or indirect, controlled or uncontrolled, proximate or remote, or is contributed

to or aggravated by a Covered Cause of Loss. However:

a. If fire not otherwise excluded results, the Company shall be liable for the direct

physical loss or damage by such resulting fire, but not including, any loss or damage

due to nuclear reaction, nuclear radiation, or radioactive contamination, and

b. This Policy does insure against physical loss or damage caused by sudden and

accidental radioactive contamination, including resultant radiation damage, from

material used or stored or from processes conducted on the Named Insured premises,

provided that, at the time of such loss or damage, there is neither a nuclear reactor nor

any new or used nuclear fuel on the Named Insured premises.

4. Any dishonest, fraudulent or criminal act by the Named Insured, a partner therein or an

officer, director employee or trustee thereof, whether acting alone or in collusion with others.

For the purpose of this exclusion an act of vandalism or malicious damage by an employee shall not

constitute a dishonest, fraudulent or criminal act.

C. LOSS PAYMENT BASIS / VALUATION

The valuation of each article of property covered by this Section shall be determined as follows:

a. Property of the Named Insured shall be covered for and valued at the current fair market

value of each article indicated on the books and records of the Named Insured prior to loss,

according to the Named Insured’s valuation of each object covered.

b. Property of others loaned to the Named Insured and for which the Named Insured may be

legally liable, or which the Named Insured has been instructed to insure, shall be covered for

and valued at the amount agreed upon for each article by the Named Insured and owner(s) as

recorded on the books and records of the Named Insured prior to loss.

c. Otherwise, in the absence of recorded current fair market values or agreed values for each

article covered, the Company shall not be liable beyond the fair market value of the property

at the time any loss or damage occurs. Said value shall be ascertained by the Named Insured

and the Company or, if they differ, then the amount of value or loss shall be determined as

provided in the following appraisal clause.


D. SPECIAL CONDITIONS

1. Misrepresentation and Fraud: This entire Section shall be void if, whether before or after a

loss, the Named Insured has concealed or misrepresented any material fact or circumstance

concerning this Policy or the subject thereof, or the interest of the Named Insured therein, or

in case of any fraud or false swearing by the Named Insured relating thereto.

2. Notice of Loss: The Named Insured shall as soon as practicable report in writing to the

Company or its agent every loss, damage or occurrence which may give rise to a claim under

this Section and shall also file with the Company or its agent within ninety (90) days from the

date of discovery of such loss, damage or occurrence, a detailed sworn proof of loss.

3. Examination under Oath: The Named Insured, as often as may be reasonably required, shall

exhibit to any person designated by the Company all that remains of any property herein

described, and shall submit, and insofar as is within its power cause its employees, Named

Insured and others to submit to examination under oath by any person named by the

Company and subscribe the same; and, as often as may be reasonably required, shall produce

for examination all writings, books of account, bills, invoices and other vouchers, or certified

copies thereof if originals be lost, at such reasonable time and place as may be designated by

the Company or its representative and shall permit extracts and copies thereof to be made.

No such examination under oath or examination of books or documents, nor any act of the

Named Insured or any of its employees or representatives in connection with the

investigation of any loss or claim hereunder, shall be deemed a waiver of any defense which

the Named Insured might otherwise have with respect to any loss or claim, but all such

examinations and acts shall be deemed to have been made or done without prejudice to the

Company’s liability.

4. Settlement of Loss: All adjusted claims shall be paid or made good to the Named Insured

within sixty (60) days after presentation and acceptance of satisfactory proof of interest and

loss at the office of the Company. No loss shall be paid or made good if the Named Insured

has collected the same from others.

5. No Benefit to Bailee: This Section shall in no way inure directly or indirectly to the benefit of

any carrier or other bailee.

6. Subrogation or Loan: If in the event of loss or damage the Named Insured shall acquire any

right of action against any individual, firm or corporation for loss of, or damage to, property

covered hereunder, the Named Insured will, if requested by the Company, assign and transfer

such claim or right of action to the Company or, at the Company’s option, execute and

deliver to the Company the customary form of loan receipt upon receiving an advance of

funds in respect of the loss or damage; and will subrogate the Company to, or will hold in

trust for the Company, all such rights of action to the extent of the amount paid or advanced,

and will permit suit to be brought in the Named Insured’s name under the direction of and at

the expense of the Company.

7. Loss Clause: Any loss hereunder shall not reduce the amount of this Section, except in the

event of payment of claim for total loss of an item specifically scheduled hereon.

8. Protection and Preservation of Property: In case of actual or imminent physical loss or

damage of the type insured against by this Policy, the expenses incurred by the Named

Insured in taking reasonable and necessary actions for the temporary protection and

preservation of property insured hereunder shall be added to the total physical loss or damage

otherwise recoverable under the Policy and be subject to the applicable deductible and

without increase in the limit provisions contained in this Policy.


9. Appraisal: If the Named Insured and the Company fail to agree as to the amount of loss, each

shall on the written demand of other, made within sixty (60) days after receipt of proof of loss

by the Company, select a competent and disinterested appraiser, and the appraisal shall be

made at a reasonable time and place. The appraisers shall first select a competent and

disinterested umpire, and failing for fifteen (15) days to agree upon such umpire, then on the

request of the Named Insured or the Company, such umpire shall be selected by a judge of a

court of record in the state in which such appraisal is pending. The appraisers shall then

appraise the loss, stating separately the fair market value at the time of loss and the amount of

loss, and failing to agree shall submit their differences to the umpire. An award in writing of

any two shall determine the amount of loss. The Named Insured and the Company shall each

pay their chosen appraiser and shall bear equally the other expenses of the appraisal and

umpire. The Named Insured shall not be held to have waived any of its rights by any act

relating to appraisal.

10. Civil Authority: Property covered under this Section against the peril of fire is also covered

against the risk of damage or destruction by Civil authority during a conflagration and for the

purpose of retarding the same; provided that neither such conflagration nor such damage or

destruction is caused or contributed to by a peril otherwise excluded herein.

11. Changes: Notice to any agent or knowledge possessed by any agent or by any other person

shall not effect a waiver or a change in any part of this Section or stop the Named Insured

from asserting any right under the terms of this Section, nor shall the terms of this Section be

waived or changed except by endorsement issued to form a part of this Section.

12. Additional Covered Party(ies): Corporations, associations, firms, institutions, museums,

persons and others who own or control collections, objects or articles who make them

available to the Named Insured, and temporary borrowers or custodians (but not carriers,

packers or shippers) of property covered, are additional Named Insured(s) hereunder, but

only as respects coverage afforded to said Named Insured’s property.

13. Packing: It is agreed by the Named Insured that the property covered hereunder be packed

and unpacked by competent packers.

14. Other Insurance: This fine arts floater Section is excess coverage over any other valid and

collectible insurance which may apply to any objects of art for which coverage would apply

under this Policy.

15. Pair And Set: In the event of the total loss of any article or articles which are a part of a set,

the Company agrees to pay the Named Insured the full amount of the value of such set and

the Named Insured agrees to surrender the remaining article or articles of the set to the

Company.


SECTION VI

CONTRACTORS EQUIPMENT

A. COVERAGE

This Policy insures contractors equipment, whether self propelled or not, including equipment

thereof while attached thereto or located thereon, such as bulldozers, drag lines, power shovels,

derricks, drills, concrete mixers and other machinery of a similar nature, and not subject to motor

vehicle registration.




B. PERILS EXCLUDED

This Section insures against all risks of direct physical loss or damage occurring during the policy

period to the above described property from any external cause except as provided below.

1. Loss or damage due to wear, tear, rust, corrosion, latent defect, mechanical breakage or

improper assemblage.

2. Loss or damage due to the weight of the load imposed on the machine exceeding the capacity

for which such machine was designed.

3. Loss or damage to crane or derrick boom(s) and jib(s) of lattice construction while being

operated unless directly caused by fire, lightning, hail, windstorm, earthquake shock,

explosion, riot, riot attending a strike, civil commotion, actual physical contact with an

aircraft or airborne missile including objects falling therefrom, collision with other vehicles

or other contractors equipment whether or not such other equipment is covered hereunder,

landslide, or upset of the unit of which it is a part (but only when and to the same extent that

such other perils are covered by the Policy).

4. Loss or damage due to explosion arising from within steam boilers.

5. Loss or damage to dynamos, exciters, lamps, switches, motors or other electrical appliances

or devices, including wiring, caused by lightning or other electrical currents (artificial or

natural) unless fire ensues and then for the loss by fire only.

6. Loss or damage due to dishonesty of Named Insured’s employees or persons to whom the

Named Insured’s property is entrusted.

7. Loss or damage caused by or contributed to failure of the Named Insured to keep and

maintain the property in a thorough state of repair.


a. War, hostile or warlike action in time of peace or, including action in hindering,

combating or defending against an actual, impending or expected attack;

i. by any government or sovereign power (de jure or de facto) or by any

authority maintaining using military, naval or air forces or;


ii. any military, naval or air forces or;



peace or war;





illegal transportation or trade;

9. Loss by nuclear reaction or nuclear radiation or radioactive contamination, all whether

controlled or uncontrolled, and whether such loss be direct or indirect, proximate or remote,

or be in whole or in part caused by, contributed to, or aggravated by the peril(s) covered

against in this endorsement; however, subject to the foregoing and all provisions of this

Policy, direct loss by fire resulting from nuclear reaction or nuclear radiation or radioactive

contamination is covered against by this Policy.

C. PROPERTY EXCLUDED

1. Automobiles, motorcycles, motor trucks, or parts thereof.

2. Buildings

3. Machinery or equipment or building materials to be installed in any building for the purpose

of becoming a part thereof; nor on any property which has become a permanent part of any

structure.

4. Property that is located underground.

5. Property while waterborne except while being transported on any regular ferry.

6. The storage risk of property not owned or required to be insured by the Named Insured at

premises controlled or leased by the Named Insured, except where incidental to the regular or

frequent use of the equipment or property.

7. Plans, blue prints, designs or specifications.


On Contractors Equipment (whether self propelled or not), on or off premises, where Replacement

Cost (New) values are specified, loss or damage shall be based on 100% of the Replacement Cost

(New) at the time of loss. Partial losses shall be based on the cost of repairing or replacing the

damaged portion, up to the fair market value of the Contractors Equipment. However, should

these costs exceed the fair market value then recovery shall be based upon the Replacement Cost

(New).

If the values, provided by the Named Insured, provides a valuation based on replacement cost, then

recovery will be on the same basis, if replaced. If not replaced, the basis of recovery shall be actual

cash value.

E. SPECIAL CONDITIONS

This section covers property only within the limits of the United States of America.

It is a condition of this Policy that all articles covered hereunder are in sound condition at the time of

attachment of this Policy.


SECTION VII

ACCOUNTS RECEIVABLE

A. COVERAGE

This Policy covers the loss of or damage resulting from insured perils to the Named Insured’s

records of accounts receivable as defined below, occurring during the Policy period.

B. EXCLUSIONS

In addition to the exclusions in the General Conditions, this coverage does not apply:

1. To loss due to any fraudulent, dishonest or criminal act by the Named Insured, a partner

therein, or an officer, director, employee or trustee thereof, while working or otherwise and

whether acting alone or in collusion with others.

For the purpose of this exclusion an act of vandalism or malicious damage by an employee

shall not constitute a dishonest, fraudulent or criminal act.

2. To loss due to bookkeeping, accounting or billing errors or omissions.

3. To loss, the proof of which as to factual existence, is dependent upon an audit of records or

an inventory computation; but this shall not preclude the use of such procedures in support if

claim for loss which the Named Insured can prove through evidence wholly apart therefrom,

is due solely to a risk of loss to records of accounts receivable not otherwise excluded

hereunder.

4. To loss due to alteration, falsification, manipulation, concealment, destruction or disposal of

records of accounts receivable committed to conceal the wrongful giving, taking, obtaining or

withholding of money, securities or other property, but only to the extent of such wrongful

giving, taking, obtaining or withholding.

C. LOSS PAYMENT BASIS / VALUATION

When there is proof that a loss covered by this Policy has occurred but the Named Insured cannot

accurately establish the total amount of accounts receivable outstanding as of the date of such loss,

such amount shall be based on the Named Insured’s monthly statements and shall be computed as

follows:

a. Determine the amount of all outstanding accounts receivable at the end of the same fiscal

month in the year immediately proceeding the year in which the loss occurs;

b. Calculate the percentage of increase or decrease in the average monthly total of accounts

receivable for the twelve (12) months immediately preceding the month in which the loss

occurs as compared with such average for the months of the preceding year;

c. The amount determined under (a) above, increased or decreased by the percentage calculated

under (b) above, shall be the agreed total amount of accounts receivable as of the last day of

the fiscal month in which said loss occurs;


d. The amount determined under (c) above shall be increased or decreased in conformity with

the normal fluctuations in the amount of accounts receivable during the fiscal month

involved, due consideration being given to the experience of the business since the last day of

the last fiscal month for which statement has been rendered.

There shall be deducted from the total amount of accounts receivable, however established, the

amount of such accounts evidenced by records not lost or damaged or otherwise established or

collected by the Named Insured, and an amount to allow for probable bad debts which would

normally have been uncollectible by the Named Insured. All unearned interest and service charges

shall be deducted.

D. DEFINITIONS:

ACCOUNTS RECEIVABLE

a. All sums due to the Named Insured from customers provided the Named Insured is unable to

effect collection thereof as the direct result of loss or damage to records of accounts

receivable.

b. Interest charges on any loan to offset impaired collections pending repayment of such sums

made uncollectible by such loss or damage.

c. Collection expense in excess of normal collection cost and made necessary because of such

loss or damage.

d. Other expenses, when reasonably incurred by the Named Insured, in re-establishing records

of accounts receivable following such loss or damage.


SECTION VIII

UNMANNED AIRCRAFT

A. COVERAGE

This Policy insures only Unmanned Aircraft, that are usual to your business that you own or are

required to insure, to pay for any physical damage loss sustained while not In Flight or In Motion

and which are not the result of fire or explosion following crash or collision while the Unmanned

Aircraft was In Flight or In Motion that are:

(1) Listed on the schedule which is a part of this policy or which is on file with us;

(2) Unscheduled but for an amount not to exceed the limit shown on the Declarations




B. PERILS EXCLUDED

This Section insures against all risks of direct physical loss or damage occurring during the policy

period to Unmanned Aircraft from any external cause except as provided below.

1. Loss or damage due to the Unmanned Aircraft being In Flight or In Motion including

during propulsion system startup or any time the propulsion system is operating.

2. Loss or damage due to wear, tear, rust, corrosion, latent defect, mechanical breakage,

freezing or improper assemblage.

3. Loss or damage due to the weight of the load imposed on the Unmanned Aircraft exceeding

the capacity for which such Unmanned Aircraft was designed.

4. Loss or damage to tires except where such loss or damage is caused by fire, theft, windstorm

or vandalism or is the direct result of physical damage covered by this policy.

5. Loss or damage to Unmanned Aircraft while being worked upon except for direct loss or

damage caused by resulting fire or explosion.

6. Loss or damage to dynamos, exciters, lamps, switches, motors or other electrical appliances

or devices, including wiring, caused by lightning or other electrical currents (artificial or

natural) unless fire ensues and then for the loss by fire only.

7. Loss or damage due to conversion, embezzlement or secretion by any person or organization

with legal right to possession of such Unmanned Aircraft under bailment, lease, conditional

sale, purchase agreement, mortgage or other legal agreement that governs the use, sale or

lease of the Unmanned Aircraft, nor for any loss or damage during or resulting therefrom.

8. Loss or damage due to dishonesty of Named Insured’s employees or persons to whom the

Named Insured’s property is entrusted.


9. Loss or damage caused by or contributed to failure of the Named Insured to keep and

maintain the property in a thorough state of repair.


a. War, hostile or warlike action in time of peace or, including action in hindering,

combating or defending against an actual, impending or expected attack,

i. by any government or sovereign power (de jure or de facto) or by any

authority maintaining using military, naval or air forces; or

ii. any military, naval or air forces; or



peace or war;





illegal transportation or trade;

C. PROPERTY EXCLUDED

1. Unmanned Aircraft that are located in underground mines, caverns or underground storage

facilities.

2. Unmanned Aircraft while waterborne except while being transported on any regular ferry.

3. The storage risk of Unmanned Aircraft not owned or required to be insured by the Named

Insured at premises controlled or leased by the Named Insured, except where incidental to the

regular or frequent use of the equipment or property.


On Unmanned Aircraft, on or off premises, where Replacement Cost (New) values are specified,

loss or damage shall be based on 100% of the Replacement Cost (New) at the time of loss. Partial

losses shall be based on the cost of repairing or replacing the damaged portion, up to the fair market

value of the Unmanned Aircraft. However, should these costs exceed the fair market value then

recovery shall be based upon the Replacement Cost (New).

If the values, provided by the Named Insured, provides a valuation based on replacement cost, then

recovery will be on the same basis, if replaced. If not replaced, the basis of recovery shall be actual

cash value.

E. SPECIAL CONDITIONS

This section covers property only within the limits of the United States of America.

It is a condition of this Policy that all articles covered hereunder are in sound condition at the time of

attachment of this Policy.


F. DEFINITIONS

1. UNMANNED AIRCRAFT

Means a powered aerial vehicle that does not carry a human operator, uses aerodynamic forces to

provide vehicle lift, can fly autonomously or be piloted remotely, is recoverable and in some cases

can carry a non-lethal payload including the propulsion system and equipment usually installed in the

vehicle (1) while installed in the vehicle, (2) while temporarily removed from the vehicle and (3)

while removed from the aircraft for replacement until such time as replacement by a similar item has

commenced; also tools and equipment which are specially designed for the aircraft and which are

ordinarily carried therein.

2. IN FLIGHT

Means, with respect to fixed wing Unmanned Aircraft, the time commencing with the actual take-

off run or launch and continuing thereafter until it has completed its landing run; or capture; and if

the Unmanned Aircraft is a rotorcraft, from the time the rotors start to revolve under power for the

purpose of flight until they subsequently cease to revolve after landing; and if the Unmanned

Aircraft is a balloon, while it is inflated or being inflated or deflated.

3. IN MOTION

Means while the Unmanned Aircraft is moving under its own power or the momentum generated

therefrom or while it is In Flight and, if the Unmanned Aircraft is a rotorcraft, any time the rotors

are rotating or while it is In Flight and, if the Unmanned Aircraft is a glider or balloon, any time it

is being transported, towed or while it is In Flight.


SECTION IX

BOILER AND MACHINERY BREAKDOWN EXTENSION

1. Perils Insured

In consideration of the premium paid and subject to the terms, conditions and Exclusions of the

policy to which this Extension is attached, and to the following terms and conditions, this Insurance

is extended to cover direct damage to Covered Property caused by a Covered Cause of Loss.

2. Additional Coverage

(a) Hazardous Substance

The additional expense incurred for cleanup, repair or replacement or disposal of damaged,

contaminated or polluted property as a result of an Accident, which causes property to

become damaged, contaminated or polluted by a substance declared hazardous to health by

an authorized governmental agency. The coverage provided by this clause is sub-limited to

USD as per Declaration Page. For the purpose of this coverage “Additional expense” means

any expense that would not have incurred, if no substance hazardous to health had been

involved in the accident

(b) Ammonia Contamination

The loss, including salvage expense, incurred with respect to damage by ammonia contacting

or permeating property under refrigeration or in process requiring refrigeration, as a result of

any one Accident to one or more Objects. The coverage provided by this clause is sub-

limited to USD as per Declaration Page.

(c) Water Damage

The loss, including salvage expense, with respect to property damaged by water, resulting

from any one Accident. The coverage provided by this clause is sub-limited to USD as per

Declaration Page.

(d) Media Coverage

The loss to all forms of electronic, magnetic and optical tapes and discs used in any electronic

computer or electronic data processing equipment directly damaged by an Accident to an

Object. The coverage provided by this clause is sub-limited to USD as per Declaration Page.

For the purpose of this coverage, the valuation basis for “Media” is as follows:

i. For “Media” that are mass-produced and commercially available, at the replacement

cost.

ii. For all other “Media”, at the cost of blank material for reproducing the records.

(e) Consequential Damage


The “Consequential Damage” to refrigerated and frozen goods of the Named Insured or for

which the Named Insured is legally liable or under the Named Insured’s care, custody or

control caused solely by an Accident to an Object. For the purpose of this coverage,

“Consequential Damage” is defined as loss due to spoilage from lack of power, light, heat,

steam or refrigeration, resulting from Accident. The coverage provided by this clause is sub-

limited to USD as per Declaration Page.

(f) Utility Interruption

The loss caused by an Accident to an Object that is owned, operated or controlled by a public

or private entity that the Named Insured has contracted with to furnish them with electrical

utility service including all direct electrical suppliers. The coverage provided by this clause

is sub-limited to USD as per Declaration Page.

(g) CFC Refrigerants and Halon

The replacement of any CFC (chlorofluorocarbon) refrigerant used in refrigeration or air

conditioning equipment or Halon used in a fire suppression system due to an “Accident” to

an Object.

(h) Ordinance or Law

If an Accident to an Object at the Named Insured’s location damages a building that is

“Covered Property”, the Company will pay for

i. Loss to the Undamaged Portion of the Building, meaning loss to the undamaged

portion of the building caused by enforcement of any ordinance or law that:

a. Requires the demolition of parts of the same building not damaged by the

Accident to an Object; or

b. Regulates the construction or repair of buildings, or establishes zoning or land

use requirements at the location of the building.

ii. Demolition Cost meaning the cost to demolish and clear the site of undamaged parts

of the building, caused by the enforcement of building, zoning, or land ordinance or

use.

iii. Increased Cost of Construction, meaning the increased cost to:

a. Repair or reconstruct damaged portions of the building; and

b. Reconstruct or remodel undamaged portions of the building whether or not

demolition is required;

when the increased cost is a consequence of enforcement of building, zoning or land

use ordinance or law. But the Company will only pay for this increased cost if the

building is repaired, reconstructed or remodeled. Also, if the building is repaired,

reconstructed or remodeled, it must be intended for similar occupancy as the current

building, unless such occupancy is not permitted by zoning or land use ordinance or

law.

Insurance under this section only applies with respect to ordinance or law that is in

force at the time of the Accident to an Object. Insurance under this section does not

apply to:


a. Costs associated with the enforcement of any ordinance or law which requires

any Named Insured or others to test for, monitor, clean up, remove, contain,

treat, detoxify, or neutralize, or in any way respond to, or assess the effects of

substances declared to be hazardous to health by a governmental agency; or

b. Loss due to any ordinance or law that:

i. The Named Insured was required to comply with before the Accident

to an Object even if the building was undamaged; and

ii. The Named Insured failed to comply with.

The coverage provided by this clause is sub-limited to USD as per Declaration Page.

3. Definition of Accident

Accident shall mean a sudden and accidental breakdown of the Object, or a part thereof, which

manifests itself at the time of it occurrence by physical damage to the Object that necessitates repair

or replacement of the Object or part thereof; but Accident shall not mean:

a. depletion, deterioration, corrosion , or erosion of material;

b. wear and tear;

c. leakage at any valve, fitting, shaft seal, gland packing, joint or connection;

d. the breakdown of any vacuum tube, gas tube or brush;

e. the breakdown of any structure or foundation supporting the Object or any part thereof;

f. the functioning of any safety device or protective device.

4. Definition of Object

Except as otherwise specifically designated herein, Object as described below shall mean any

equipment or apparatus which is owned by, leased by or operated under the control of the Named

Insured subject to the Exclusions and Special Provisions specified herein:

a. Any boiler, any fired vessel, any unfired vessel subject to vacuum or internal pressure other

than static pressure of contents, any refrigerating and air conditioning vessels, or any piping

and its accessory equipment, but such Object shall not include:

1. Any boiler setting, any insulating or refractory material,

2. Any sewer piping, any underground gas piping, any piping forming a part of a

sprinkler system or any water piping other than

(a) Feed water piping between any boiler and its feed pumps or injectors

(b) Boiler condensate returning piping

b. Any mechanical or electrical machine or electrical apparatus used for the generation,

transmission or utilization of mechanical or electrical power, but Object shall not include

1. Any structure or foundation other than a bedplate of a machine,

2. Any vehicle, elevator, crane, hoist, power shovel or drag line, but not excluding any

electrical equipment used with said machine or apparatus,

3. Any refractory material, or


4. Any penstock or draft tube.

5. Covered Cause of Loss

A Covered Cause of Loss is an “Accident” to an Object insured hereon. An Object must be in use or

connected ready for use at the time of the Accident.

6. Covered Property

Covered Property, as used in this Extension, means any property that:

a. The Named Insured owns; or

b. Is in the Named Insured’s care, custody or control and for which they are legally liable

7. Special Provisions

a. As respects any boiler, fired or unfired vessel, refrigerating system or piping, the Company

shall not be liable for loss from an Accident while said Object is undergoing a hydrostatic,

pneumatic or gas pressure test that exceeds manufacturers recommended limits.

b. As respects any boiler of fired vessel, the Company shall not be liable for loss from an

explosion of gas or unconsumed fuel within the furnace of such Object or within the passages

from the furnace to the atmosphere, whether or not such explosion (a) is contributed to or

aggravated by an Accident to any part of said Object that contains steam or water, or (b) is

caused in whole or in part, directly or indirectly, by any Accident to any Object, or part

thereof, nor shall the Company be liable for any loss from an Accident caused directly or

indirectly by such explosion.

c. As respects any unfired vessel which is used for the storage of gas or liquid and which is

periodically filled, moved, emptied and refilled in the course of its normal service, such

vessel shall be considered as “connected ready for use” within the terms of this Extension of

the Policy.

d. As respects any Object or part of an Object that is being dismantled, reassembled or is in

storage, will be considered as “connected ready for use” within the terms of this Extension of

the Policy.

e. As respects any gas turbine of the internal combustion type, (a) the combustor or such Object

shall not be considered to be a “furnace” as the word is used in the Definition of Accident or

in Special Provision 2 above and (b) the Definition of Accident shall not mean the cracking

of any part of the Turbine exposed to the production of combustion.

f. As respects new turbine generator units, coverage shall not apply until the unit has been

contractually accepted by the Named Insured, that all tests required by the contractor have

been performed and satisfied and the unit has been placed in commercial operation.

8. Valuation

a. The Company will pay the Named Insured the amount the Named Insured spends to repair or

replace the property directly damaged by an Accident. The Company payment will be the

smallest of:

1) The Limit of Insurance;


2) The cost at the time of the Accident to repair the damaged property with property of

like kind, capacity, size and quality;

3) The cost at the time of the Accident to replace the damaged property on the same site

with other property:

a) Of like kind, capacity, size and quality; and

b) Used for the same purpose

4) The amount the Named Insured actually spends that is necessary to repair or replace

the damaged property.

b. As respects any Object if the cost of repairing or replacing only a part of the Object is greater

than:

1) the cost of repairing the Object; or

2) the cost of replacing the entire Object on the same site;

The Company will pay only the smaller of (1) or (2). The repair parts or replacement Object

must be:

1) of like kind, capacity, size and quality; and

2) used for the same purpose.

c. The Company will not pay:

1) if the loss or damage is to property that is obsolete or useless to the Named Insured; or

2) for any extra cost if the Named Insured decides to repair or replace the damaged

property with property of a better kind or quality or of larger capacity,

d. If the Named Insured does not repair or replace the damaged property within 18 months after

the date of the Accident then the Company will pay on the smaller of the:

1) cost it would have taken to repair; or

2) actual cash value;

at the time of the “accident”.

Paragraph (d) does not apply to any time period beyond the 18 months that the Company agrees to in

writing.

e. As respects CFC (chlorofluorocarbon) refrigerant or Halon, the following valuation basis is

applicable:

1) If the CFC refrigerant or Halon is replaceable, the Named Insured may, at their

option, elect to:

a) Repair or replace the damaged refrigeration equipment, air conditioning

equipment or fire suppression system and replace the lost CFC refrigerant or


Halon subject to it being of like kind, capacity, size and quality and used for

the same purpose; or

b) Change the refrigeration equipment, air conditioning equipment or fire

suppression system, through modification or replacement, to:

i. Refrigeration or air conditioning equipment that uses an approved non -

CFC refrigerant; or

i.

ii. A fire suppression system that uses an approved non – Halon agent.

But this option is available only if the change to the equipment or system is made

within 18 months after the date of the Accident or within any extended time period

that the Company agrees to in writing.

If Option 1) b) above is elected, the Company will not pay more than the least of the

following amounts:

a) The Limit of Insurance;

b) The cost at the time of the Accident to repair the damaged refrigeration

equipment, air conditioning equipment or fire suppression system, retrofit the

equipment or system to accept non – CFC refrigerant or non – Halon fire

suppressant, and charge the equipment or system with that refrigerant or fire

suppressant;

c) The cost at the time of the Accident to replace the damaged refrigeration

equipment, air conditioning equipment or fire suppression system with

equipment or a system that is functionally equivalent and uses an approved

non – CFC refrigerant or non – Halon fire suppressant;

d) The amount that the Named Insured actually spend that is necessary to change

the refrigeration equipment, air conditioning equipment or fire suppression

system, through modification or replacement, to equipment or a system that

uses an approved non – CFC refrigerant or non – Halon fire suppressant; or

e) One hundred twenty-five percent (125%) of the amount the Company

otherwise would have paid for loss to the refrigeration equipment, air

conditioning equipment or fire suppression system.

f. If the CFC refrigerant or Halon is not replaceable and:

(1) The Named Insured repairs or replaces the damaged equipment within 18 months

after the date of the Accident or within any extended time that the Company agrees to

in writing, the Company will pay the least of the following amounts:

(a) The Limit of Insurance;

(b) The cost at the time of the Accident to repair the damaged refrigeration

equipment, air conditioning equipment or fire suppression system, retrofit the

equipment or system to accept non – CFC refrigerant or non – Halon fire

suppressant, and charge the equipment or system with that refrigerant or fire

suppressant;


(c) The cost at the time of the Accident to replace the damaged refrigeration

equipment, air conditioning equipment or fire suppression system with

equipment or a system that is functionally equivalent and uses an approved

non – CFC refrigerant or non – Halon fire suppressant;

(d) The amount that the Named Insured actually spend that is necessary to change

the refrigeration equipment, air conditioning equipment or fire suppression

system, through modification or replacement, to equipment or a system that

uses an approved non – CFC refrigerant or non – Halon fire suppressant.

(2) If the Named Insured does not replace the damaged equipment within 18 months after

the date of the Accident or within the extended time period that the Company agrees

to in writing, the Company will not pay more than the lesser of:

(a) The amount that the Company would have paid if repair or replacement of the

damaged equipment had been made as determined in F 1 above; or

(b) The actual cash value of the damaged equipment at the time of the Accident.

g. As respects Insurance under Ordinance and Law, the most the Company will pay as a result

of any one Accident for:

a) Loss to the Undamaged portion of the building is included in the Limit of Insurance

that otherwise applies to the damaged building. But in no event will the amount the

Company pay for loss to the building, including the loss in value of the undamaged

portion of the building due to enforcement of an ordinance or law to which this

coverage applies, exceed:

i. The amount that the Named Insured actually spend to repair, rebuild or replace

the building, but not more than the amount it would cost to restore the building

on the same premises and to the same height, floor area, style and comparable

quality of the original property insured; or

ii. The actual cash value of the building at the time of loss if the building is not

repaired or replaced.

b) Demolition and Increased Cost of Construction is USD as per Declaration Page,

subject to the following:

i. With respect to the coverage provided for Demolition Cost, the Company will

not pay more than the amount the Named Insured actually spend to demolish

and clear the site of the undamaged parts of the building;

ii. With respect to the coverage provided for Increased Cost of Construction:

(a) We will not pay for the Increased Cost of Construction:

Until the building is actually repaired or replaced at the same or

another premises; and

Unless the repairs or replacement are made as soon as reasonably

possible after the loss or damage, not to exceed 18 months. We may

extend this period in writing during the 18 months.


(b) If the building is repaired or replaced at the same location, or if the

Named Insured elect to rebuild at another location, the most the

Company will pay for the increased cost of construction is the

increased cost of construction at the same location.

(c) If the ordinance or law requires relocation to another location, the most

the Company will pay for the increased cost of construction is the

increased cost of construction at the new location.

h. If a claim or “suit” is brought against the Named Insured alleging that the Named Insured is

liable for damage to property of another that was caused by an Accident to an Object, the

Company will either:

1. Settle the claim or “suit”, or

2. Defend the Named Insured against the “suit” but reserve the right for themselves to

settle at any point.

9. Exclusions

a. To loss:

1) from explosion of an Object other than:

a) Any steam boiler, steam piping, steam turbine, gas turbine, steam engine, or

b) Any machine when such loss is caused by centrifugal force or mechanical

breakdown,

b. Nuclear reaction or radiation or radioactive contamination however caused, however this

exclusion shall not apply to nuclear medicine at covered hospitals,

c. From fire concomitant with or following an Accident.

d. From an Accident caused directly or indirectly by fire

e. From a combustion explosion outside the Object concomitant with or following an Accident,

f. From an Accident caused directly or indirectly by a combustion explosion outside an Object

10. Conditions:

a. Inspection

The Company shall be permitted but not obligated to inspect the Named Insured’s property

and operations at any reasonable time. Neither the right to make inspections nor the making

thereof nor any advice or report resulting therefrom shall constitute an undertaking, on behalf

of or for the benefit of the Named Insured or others, to determine or warrant that such

property or operations are safe or healthful, or are in compliance with any law, rule or

regulation.

b. Suspension

Upon the discovery of a dangerous condition with respect to any Object, Alliant Insurance

Services, Inc., may immediately suspend the insurance, with respect to an Accident to said

Object, by written notice mailed or delivered to the Named Insured at the address of the

Named Insured stated in the Declaration Page, or at the location of the Object, as stated for it


in a schedule or endorsement. The insurance so suspended may be reinstated by the

Company but only by an endorsement issued to form a part of this Policy. The Named

Insured shall be allowed the unearned portion of the premium paid for such suspended

insurance, pro rata for the period of suspension.

c. Notice of Accident and Adjustments

When an Accident occurs, written notice shall be given to the Company as soon as

practicable. The Company shall be given like notice of any claim made on account of such

Accident. The Company or their representative shall have reasonable time and opportunity to

examine the property, and the Named Insured’s Location of Risk, before repairs are

undertaken or physical evidence of the Accident is removed, except for protection or salvage.

Proof of loss shall be made in such form as the Company may require. If suit is brought

against the Named Insured for loss to which this Section of the Policy is applicable, any

summons or other process served upon the Named Insured shall be forwarded immediately to

the Company.

d. Deductible

In the event of an Accident to an Object as insured under this Extension that is concomitant

with or followed by physical loss or damage incurred under the All Risks policy that this

Extension attaches to, the deductible to be applied to the total loss shall be the applicable

Boiler & Machinery deductible.


PROGRAM AND/OR NAMED INSURED AND/OR DECLARATION SPECIFIC

ENDORSEMENTS TO BE PROVIDED AFTER THE ABOVE PAGE


ENDORSEMENT 1

CANCELLATION CLAUSE AMENDMENT DUE TO FINANCIAL STRENGTH DOWNGRADE ENDORSEMENT

It is hereby understood and agreed that Section IV, General Conditions, Clause N, Cancellation of this policy is amended. This endorsement modifies insurance provided by the policy:

The Cancellation Provision, Cancellation Condition, or Cancellation Clause, whichever is applicable, is

amended by adding the following paragraph to the end thereof:

Notwithstanding any other terms or conditions of this policy to the contrary, in the event that the

financial strength rating of the Company is downgraded to: (1) below A- by A.M. Best Co., or (2)

below BBB by Standard & Poor’s Ratings Services (hereinafter, the Credit Rating Downgrade), this

policy may be canceled by the FIRST NAMED INSURED by mailing prior written notice to the

Company or by surrender of this policy to the Company.

If this policy is canceled by the First Named Insured due to such Credit Rating Downgrade, then

the Company shall return the unearned pro rata proportion of the premium as of the effective date of

cancellation and shall waive any minimum earned premium requirement specified herein.

The following definitions apply to this endorsement:

1. Company means Lexington Insurance Company.

2. First Named Insured means the first Named Insured as shown on the Declarations page of this

policy. ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.


ENDORSEMENT 2

COVERAGE TERRITORY ENDORSEMENT

This endorsement modifies insurance provided by the Policy:

The Insurer shall not be deemed to provide cover and the Insurer shall not be liable to pay any claim or

provide any benefit hereunder to the extent that the provision of such cover, payment of such claim or

provision of such benefit would expose the Insurer, its parent company or its ultimate controlling entity to

any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions,

laws or regulations of the European Union or the United States of America.

PR4225 (07/13)


ENDORSEMENT 3

WAR AND TERRORISM EXCLUSION ENDORSEMENT

(applies to locations outside the USA, its territories and possessions)

Notwithstanding any provision to the contrary within this insurance or any endorsement thereto it is agreed

that this insurance excludes loss, damage, cost or expense of whatsoever nature directly or indirectly caused

by, resulting from or in connection with any of the following regardless of any other cause or event

contributing concurrently or in any other sequence to the loss;

(1) war, invasion, acts of foreign enemies, hostilities or warlike operations (whether war be declared or

not), civil war, rebellion, revolution, insurrection, civil commotion assuming the proportions of or

amounting to an uprising, military or usurped power; or

(2) any act of terrorism.

For the purpose of this endorsement an act of terrorism means an act, including but

not limited to the use of force or violence and/or the threat thereof, of any person or

group(s) of persons, whether acting alone or on behalf of or in connection with any

organization(s) or government(s), committed for political, religious, ideological or

similar purposes including the intention to influence any government and/or to put the

public, or any section of the public, in fear.

This endorsement also excludes loss, damage, cost or expense of whatsoever nature directly or indirectly

caused by, resulting from or in connection with any action taken in controlling, preventing, suppressing or in

any way relating to (1) and/or (2) above.

If the Underwriters allege that by reason of this exclusion, any loss, damage, cost or expense is not covered

by this insurance the burden of proving the contrary shall be upon the Assured.

In the event any portion of this endorsement is found to be invalid or unenforceable, the remainder shall

remain in full force and effect.

NMA2918

08/10/2001


ENDORSEMENT NO. 4 This endorsement, effective 12:01 A.M., 07/01/2017 Issued to: Public Entity Property Insurance Program (PEPIP) Master Policy Form 13

COMMUNICABLE DISEASE COVERAGE ENDORSEMENT (BROAD FORM)

This endorsement modifies insurance provided by this Policy: NOTICE: THE SUBLIMITS OF INSURANCE PROVIDED HEREIN ARE SUBJECT TO AND INCLUDED WITHIN POLICY LIMIT OF LIABILITY.

SCHEDULE Communicable Disease: $500,000 Per Occurrence and annual aggregate per named insured subject to an aggregate of $10,000,000 for Declarations 1-5, 8-13, 18-21, 25-30, and 33-34 combined. The following Additional Coverage is added to Section III, B. Extension of Coverage, item 4. Contingent Time Element Coverage: COMMUNICABLE DISEASE COVERAGE: Subject to the Annual Aggregate for Communicable Disease, we will pay actual business income loss sustained by you and communicable disease extra expense and crisis response expenses incurred by you, during the period of indemnity due to an order of an authorized governmental agency during the policy period that results in a partial or total suspension of your business operations at your medical facility. The following additional definitions apply to this Additional Coverage and supersede any similar definitions of this Policy to the contrary: 1. Crisis response expenses means reasonable and necessary expenses incurred: a. For public relations to restore the reputation and stature of your medical facility, and b. To assist you to recover money from any governmental program or agency for communicable disease extra expense incurred by your medical facility. 2. Communicable disease extra expense means reasonable and necessary extra expenses to: a. Cleanup, remove and dispose of any property at your medical facility that is contaminated by the presence of a communicable disease, and b. Restore your medical facility to its original condition,

THIS ENDORSEMENT (1) CHANGES THE COVERAGE. PLEASE READ IT CAREFULLY.

NOTICE OF NEWLY ACQUIRED PROPERTY; PROPERTY VALUE REPORTING

Members shall report to CJPRMA any newly acquired property, structure, improvement or property enhancements with a value equal to or in excess of $5,000,000 within ninety days of acquisition. An additional premium will be charged, prorated from the date of acquisition through the end of the Program Term. All newly acquired structures with a value under $5,000,000 must be reported to CJPRMA for the Program Term immediately following the date of acquisition, or by June 30th of the program year, for inclusion in the premium for the following Program Term.

Members are required to report the value of structures based upon the CJPRMA approved appraisal report, including any annual cost of living adjustments to the appraised values. No lower “stated value” reporting is permitted.


NOTICE OF LOSS

In addition to providing Notice of Loss as required in Section IV(J) of the PEPIP USA Master Policy Wording, the Member shall provide simultaneous Notice to the CJPRMA at 3201 Doolan Road, Suite 185, Livermore, CA, phone (925) 837-0667, Fax (925) 290-1543. Alternatively, Notice may be provided via email to [email protected].

Notice of Loss must be provided “as soon as practicable upon knowledge within the risk management or finance division of the insured that a loss has occurred.” In addition, no Loss will be covered that is reported more than one year after the conclusion of the Program Term.


EXCLUSION OF CERTAIN VACANT STRUCTURES/BUILDINGS

Definition: The term vacant is defined as an entire abandonment, deprived of contents, empty, that is, without contents of substantial utility. The term unoccupied means lacking the habitual presence of human beings, and not used by the building owner or tenant to conduct customary operations.

Definition: The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.

Any member that has a structure/building covered by this property program must notify CJPRMA if it is or becomes a vacant or unoccupied structure/building, within 60 days of the structure/building becoming vacant or unoccupied. Once a structure/building has been vacant or unoccupied for a period of 90 days, regardless of whether it is reported as such, the structure will be considered vacant/unoccupied for the purpose of this addendum. All such vacant or unoccupied structures sustaining any loss covered within this MOC will be subject to the following limits of coverage.

1. There will be no rental interruption or loss of use coverage for any such structure/building. There will be no coverage for vandalism, building glass breakage, or water damage. All vacant/unoccupied structures sustaining loss will not be eligible to receive reimbursement at replacement cost. Settlement is strictly fair market value or the stated insurable value, whichever is less. In no event shall the total payment on any claim involving a vacant/unoccupied structure exceed the current reported value.

2. Failure to report the vacant/unoccupied status of the structure/building to CJPRMA within

60 days from the structure/building becoming vacant or unoccupied will result in a reduction in coverage for reimbursement of demolition costs to no more than 50% of the total cost of demolition.

3. Once a structure/property has been reported to CJPRMA as vacant/unoccupied, the

member will supply CJPRMA with an updated value of the structure recognizing the structure as vacant/unoccupied and submit the value based upon fair market value.

4. Failure to report the vacant/unoccupied status of the structure/building to CJPRMA within

60 days from the structure/building becoming vacant or unoccupied will result in a reduction in coverage to fair market value minus 50%.

A Member may eliminate the limitations in sections 2 and 4 above by subsequently reporting the vacant/unoccupied status to CJPRMA in writing a minimum of 60 days prior to a loss.

As used herein, "vacant" and "unoccupied" does not include buildings or structures under construction, including substantial continuing activities of renovation. If a vacant/unoccupied building becomes no longer vacant or unoccupied, the member shall promptly report the change in status with updated valuation, and the limitations set forth above shall cease to apply to losses occurring after CJPRMA receipt of the Member’s written report of change in status and updated valuation.

The limitations in this addendum will not apply to mortgagors that are required by contract to be loss payees.

Back to Agenda


AGENDA BILL

ITEM: 13 TITLE: APPROVAL OF THE PROPOSED AMENDMENTS TO THE CJPRMA BYLAWS ARTICLE III, DIRECTORS & OFFICERS, AND ARTICLE IV, EXECUTIVE COMMITTEE MEETING: 05/22 & 23/2019

GENERAL MANAGER:


Approve proposed amendments to the Article III, Directors & Officers, and Article IV, Executive Committee, of the CJPRMA Bylaws.


This item addresses Strategic Goal 3, Foster Informed and Engaged Board Leadership.

Item Explanation:

Article XV of the CJPRMA Bylaws describes the process for amending the Bylaws:

“These Bylaws may be amended by a majority vote of the entire Board provided that any amendment is compatible with the purposes of the Authority, is not in conflict with the JPA Agreement, and has been submitted to the Board at least thirty (30) days in advance.”

In 2017, the Board of Directors approved an amendment to the Bylaws reducing the annual number of board meetings from five to four. Since then, the Board has not held a June meeting. The current Bylaws call for Officer and Executive Committee elections to be held during the June meeting. The proposed amendment changes that to the August meeting. This is consistent with Board practice since 2017. While making these updates, staff also corrected several typographical and formatting errors. Also, payroll data is now gathered via form DE-9 rather than form DE-3DP, and staff made this nomenclature change. These proposed amendments were presented to the Board of Directors at the March 21, 2019 Board of Directors meeting, and that agenda item served as 30 days’ advance notice. The general manager will be present to discuss the recommended modifications.

Fiscal Impact:

None

Exhibits:

1. Draft CJPRMA Bylaws with proposed amendments and corrections



BYLAWS

Amended: 06/16/94, 09/19/94, 09/20/99, 11/21/02, 04/17/06, 05/08/08, 12/11/08, 06/17/10, 10/22/2015, 03/16/2017

Bylaws Amended: 06/16/94, 09/19/94, 09/20/99, 11/21/02, 04/17/06, 05/08/08, 12/11/08, 06/17/10, 10/22/15

TABLE OF CONTENTS

1) ARTICLE I

Definitions ............................................................................................................. 1

2) ARTICLE II

Offices ................................................................................................................... 4 3) ARTICLE III

Directors & Officers .............................................................................................. 5 Appointment of Board of Directors ................................................................. 5 Election and Removal of Officers .................................................................... 5

4) ARTICLE IV

Executive Committee ............................................................................................ 7 Powers ............................................................................................................... 7

Election and Removal of Executive Committee Members ................................. 7 5) ARTICLE V

Meetings ................................................................................................................ 9 Board of Directors Meetings ........................................................................... 9 Executive Committee Meetings ....................................................................... 9 General Meetings ............................................................................................ 9

6) ARTICLE VI

Duties of Directors and Officers ........................................................................ 11 7) ARTICLE VII

Budget .................................................................................................................. 12

Bylaws Amended: 06/16/94, 09/19/94, 09/20/99, 11/21/02, 04/17/06, 05/08/08, 12/11/08, 06/17/10, 10/22/15

8) ARTICLE VIII

Receipt and Disbursement of Funds ................................................................. 13 9) ARTICLE IX

Settlement of Claims ........................................................................................... 14 10) ARTICLE X

Pooled Coverage Programs ............................................................................... 15 Automobile/General Liability Program ........................................................... 15 Automobile/General Liability Program Cash Contributions ............................ 15 Workers Compensation Program .................................................................. 17 Workers Compensation Program Cash Contributions ................................... 17 Property Program .......................................................................................... 18 Property Program Cash Contributions .......................................................... 18

11) ARTICLE XI

Memorandum of Coverage for the Automobile/General Liability Pooled Coverage Program ................................................................................. 19

12) ARTICLE XII

Assessments ....................................................................................................... 21 13) ARTICLE XIII

New Members ...................................................................................................... 22 Pool Membership .......................................................................................... 22 Coverage ....................................................................................................... 22 Application Process ....................................................................................... 22

14) ARTICLE XIV

Termination and Distribution ............................................................................. 24 Cash Contributions ........................................................................................ 24 Real and Personal Property (other than cash contributions) ......................... 24

Bylaws Amended: 06/16/94, 09/19/94, 09/20/99, 11/21/02, 04/17/06, 05/08/08, 12/11/08, 06/17/10, 10/22/15

15) ARTICLE XV

Amendments ....................................................................................................... 25 16) APPENDICES

Appendix A .......................................................................................................... 26 Principal Executive Office .............................................................................. 26

Bylaws Amended: 06/16/94, 09/19/94, 09/20/99, 11/21/02, 04/17/06, 05/08/08, 12/11/08, 06/17/10, 10/22/15, 03/16/17 Page 1

BYLAWS For the regulation of the California Joint Powers Risk Management Authority, except as otherwise provided by Statute or the Joint Powers Agreement Creating the California Joint Powers Risk Management Authority.

ARTICLE I

DEFINITIONS The terms in these Bylaws shall be as defined herein and in the Joint Powers Agreement Creating the California Joint Powers Risk Management Authority (hereinafter JPA Agreement), unless otherwise specified herein. 1. Alternate Director shall mean that individual appointed by a member entity to act in

the absence of its duly appointed representative except the alternate director shall not exercise the powers of an officer of the Authority or serve on the Executive Committee.

2. Authority shall mean the California Joint Powers Risk Management Authority created

by the JPA Agreement. 3. Board or Board of Directors shall mean the governing body of the Authority

composed of one representative of each member entity. 4. Cash Assessment shall mean an amount determined by the Board of Directors to

be paid by each member entity as necessary to meet the Authority's obligations. 5. Cash Contribution shall mean the annual dollar amount determined by the Board of

Directors which is payable by each member entity as its established share of the funding required to cover the financial obligations of each pooled coverage program in which the member entity participates.

6. Certificate of Coverage for Additional Covered Party shall be the document issued

by the Authority to third parties specifying the type and amount of pooled coverage provided to the member entity by the Authority and extended to the named third party for the specified purpose.

7. Claims shall mean demands made against the member entities or the Authority

arising out of occurrences which may be within the Authority's pooled coverage programs.

8. Covered Loss shall mean any loss resulting from a claim or claims against a member


entity or the Authority which is in excess of the member entity’s respective retained limit and is covered by any Memorandum of Coverage issued by the Authority or any purchased coverage programs and shall include loss payments, defense costs and other charges directly attributable to the resolution of the matter including defense costs incurred by the Authority.

9. Director shall mean that individual appointed from that member entity to serve on the

Board of Directors. 10. Entire Board shall consist of all directors, whether or not present at a Board meeting. 11. Excess Insurance shall mean that commercial insurance purchased by the Authority

to cover losses in excess of the Authority's pooled limits and/or each member entity's retained limit.

12. Executive Committee shall mean that body composed of the President,

Vice-President and five additional members of the Board of Directors elected in accordance with these Bylaws.

13. General Manager/Secretary shall mean an officer of the Authority appointed by a

majority of the entire Board and who shall serve at the pleasure of the Board. 14. Incurred Loss shall mean the sum of monies paid or reserved by the Authority to

investigate, defend and satisfy a covered loss sustained by a member entity or the Authority.

15. Majority Vote shall mean a number greater than one-half of the votes cast. 16. Member Entity shall mean each of the public entities which is a party to the JPA

Agreement. 17. Memorandum of Coverage shall be the document issued by the Authority to member

entities specifying the type, amount and conditions of pooled coverage provided to each participant by the Authority.

18. Plurality Vote shall mean the greatest number of votes when there are two or more

competitors for the same office. 19. Pooled Coverage Programs shall consist of coverages provided directly by the

Authority pursuant to a Memorandum of Coverage and/or provided by a purchased coverage program. These may include, but are not limited to, property, workers' compensation, and liability coverages as may be determined by the Board.


20. Program Year shall mean a period of time determined by the Board, usually 12 months, into which each pooled coverage program shall be segregated for purposes of accounting and record keeping.

21. Purchased Coverage Program shall mean any transfer of risk by the Authority

through the purchase of commercial excess insurance, participation in a joint powers authority, risk retention group or similar mechanism.

22. Retained Limit shall mean the amount of a claim which the member entity must incur,

or become liable for, before the Authority, or any applicable purchased coverage program, is obligated to pay.

23. Treasurer shall mean an officer of the Authority appointed by a majority of the entire

Board who shall serve at the pleasure of the Board.


ARTICLE II

OFFICES

The principal executive office for the transaction of business of the Authority and receipt of all notices is hereby fixed and located as described in Appendix A attached hereto and incorporated herein by reference. The Board shall have the authority to change the location of the principal executive office. Other business offices may be established by the Board at any time and at any place or places where the Authority is qualified to do business.


ARTICLE III

DIRECTORS & OFFICERS Appointment of Board of Directors The governing board or other duly designated official of each member entity of the Authority shall appoint a representative to the Board of Directors. Such representative shall be an employee or officer of the member entity, or in the case of a joint powers authority, may be an employee or officer of a member entity of such joint powers authority. The appointment shall be in writing, directed to the Authority at its designated principal executive office, and shall remain in effect until the receipt of a notice designating a replacement. Each member entity shall also designate an alternate director, in the manner described above, to act in the absence of its duly appointed representative except the alternate director shall not exercise the powers of an officer of the Authority or serve on the Executive Committee. Election and Removal of Officers The officers of the Authority shall be the President, Vice President, Treasurer and General Manager/Secretary. The President and Vice President shall be elected, as individuals, from among the members of the Board of Directors, not as the member entities they represent, in even numbered years and serve for a term of two years. The duties of the officers shall be assumed upon their election or appointment. The Treasurer will be appointed, by a majority of the entire Board, and shall serve at the pleasure of the Board. The term of Treasurer shall be two years, with appointments being made in the even number years, subject to the pleasure of the Board. The Treasurer may vote on matters before the Board, Executive or other appointed committees only if he/she is also a director serving in the appropriate capacity. The General Manager shall be the Secretary and Chief Administrative Officer of the Authority appointed by a majority of the entire Board and shall serve at the pleasure of the Board. Although the General Manager/Secretary is an officer of the Authority, he/she may not vote on matters before the Board, Executive or other appointed committees. The General Manager/Secretary may not be an employee or an officer of a member entity. Nomination of candidates for the offices of President and Vice-President shall be made in writing to the Authority no later than May 1 of each even numbered year. The General Manager/Secretary shall verify with the nominees that they are willing to run. The slate of nominees will be provided to each member entity at least thirty (30) days before the August June Board of Directors meeting. Voting for officers will be conducted at the August June Board meeting. A candidate may be nominated for more than one office. A candidate may withdraw at any time prior to the election by notifying the General Manager/Secretary either


orally or in writing. Election for President will be held first, then election for Vice President, then election for membership on the Executive Committee. Each director present shall cast one vote for each office. The candidate receiving the greatest plurality of votes for the particular office will be elected and will assume the office upon his/her election. In the event of a tie vote, those not involved in the tie vote will be eliminated and the remaining candidates will be the subject of a run off election as described above. If unsuccessful after the run off, the election for that office shall start again with all the candidates eligible. The President and Vice-President will serve for their elected term of office, until termination of employment or office with a member entity, or until removal from office by the affirmative vote of three-fourths of the members of the entire Board of Directors at any regular or special meeting of the Board of Directors. Vacancies in the offices of President or Vice-President will be filled by election of a replacement, at the next regular or special meeting of the Board, by a majority vote of the Board, to serve the remainder of the unexpired term.


ARTICLE IV

EXECUTIVE COMMITTEE

The President and Vice-President shall serve on the Executive Committee during their incumbency in those offices. The remaining five members shall be elected from among the directors to serve a term of two years under the procedures set forth below. A member entity cannot hold more than one (1) position on the Executive Committee. A non-officer director must have served on the Board for at least twelve (12) months preceding the date of the election for the office. Powers The powers of the Executive Committee shall be those powers delegated to it by the Board of Directors which may include but are not limited to:

a. personnel matters concerning salary, benefits and working conditions of staff;

b. approval of warrants; c. approval of Requests for Certificates of Coverage for Additional Covered

Parties; d. covered loss settlement authority in an amount as determined by the

Board;

e. approval of contracts for routine services (claims audit, financial audit, actuarial study, etc.);

f. other authority as delegated by the Board.

The Board of Directors may revoke any of the powers delegated to the Executive Committee by a majority vote of the entire Board.

Election and Removal of Executive Committee Members Election of two non-officer members of the Executive Committee shall occur at the August June Board of Directors meeting in each odd numbered year by election from an eligibility list prepared by staff. The eligibility list shall consist of all Directors meeting the eligibility requirements set forth in this Article. Appointment of three directors shall be conducted in even numbered years, one from each


of three lists, after the election of officers. Staff shall prepare, starting with the June 2009 election, three lists of directors, randomly generated. One list shall consist of Directors from Member Entities that are themselves joint powers authorities; one list shall consist of Directors from Member Entities that are cities with a population of 100,000 or more; and one list shall consist of Directors from Member Entities that are cities with a population of less than 100,000. The eligibility list used in June, 2009 will carry over from the rotation order previously generated. The directors at the top of each applicable list shall be considered elected to open positions on the Executive Committee for a single term of two years each. If a director reaches the top of the list but is ineligible by reason of not having served on the Board for at least twelve (12) months, that Director will be passed but remain at the top of the list for the next election. If a Director reaches the top of the list but wishes to decline election to the Executive Committee, the Director may do so on a one-time basis only, but shall remain at the top of the list for the next following election. The President and Vice President shall be limited to two consecutive two-year terms, and will not be eligible to run for the same office after completing two terms, until being out of office for at least one term. Upon completion of a term as President, Vice President or as a member of the Executive Committee, a Director will move to the bottom of the eligibility list for election to the Executive Committee. The immediate past President will serve one (1) two -year term on the Executive Committee. This will be a non-voting member of the committee. Non-officer vacancies on the Executive Committee for rotation list positions will be filled by appointment of a replacement from the top of the applicable eligibility list, to fill the remainder of the unexpired term and the following two-year term. Non-officer vacancies on the Executive Committee for odd year election positions shall be filled by Board vote at the next meeting following the vacancy, to fill the remainder of the unexpired term. New Member Entities shall be added at the bottom of the applicable eligibility list at the time of admission to membership in the Authority. Non-officer members of the Executive Committee may be removed by the affirmative vote of three-fourths of the members of the entire Board of Directors at any regular or special meeting of the Board of Directors. Any member of the Executive Committee who has failed to attend at least 50% of the regular meetings of the Executive Committee within any 12 consecutive month period shall be automatically removed from the Executive Committee and from office if he/she is the President or Vice President.


ARTICLE V

MEETINGS Board of Directors Meetings There shall be at least four regular meetings of the Board of Directors each year, one of which shall be designated as the Annual Membership Meeting. At the final Board meeting of each calendar year, the Board shall fix the date, hour and location at which each regular meeting in the succeeding year is to be held. The General Manager/Secretary may request special meetings of the entire Board as needs dictate. Special meetings may also be called by the President or one-third of the Board. Notice of such special meetings shall be delivered personally, by electronic facsimile transmission or by mail, as provided by state law, to each Board member at least twenty-four (24) hours before the time of such meetings. A regular or special meeting of the Board may be cancelled or postponed by the General Manager/Secretary or President by notice delivered personally, by electronic facsimile transmission or by mail, as provided by state law, to each Board member at least twenty--four (24) hours before the time of such meeting. The Annual Membership Meeting may be postponed but not cancelled. Executive Committee Meetings The Executive Committee shall hold at least six four regular meetings each year, some of which may coincide with meetings of the Board of Directors. The President, at the final Executive Committee meeting in each calendar year, shall fix the date, hour and location at which the regular meetings in the succeeding year are to be held and notify all directors of such dates, times and locations. The President or General Manager/Secretary may request special meetings as needs dictate. Notice of such special meetings shall be delivered personally, by electronic facsimile transmission or by mail, as provided by state law, to each Board member at least twenty-four (24) hours before the time of such meetings. A regular or special meeting of the Executive Committee may be cancelled or postponed by the President or General Manager/Secretary by notice delivered personally, by electronic facsimile transmission or by mail, as provided by state law, to each Board member at least twenty-four (24) hours before the time of such meeting. General Meetings No business may be transacted by the Board, Executive Committee, or other appointed committees without a quorum of their respective members being present. A quorum of the Board shall consist of a majority of its number; a quorum of the Executive Committee shall


number five members. Quorums of other committees established by the Board shall be a majority of their members. A majority of the members present must vote in favor of a motion to approve it, except as otherwise provided in the JPA Agreement/Bylaws and except for the following:

1. Four votes are required to pass any Executive Committee motion except for votes to assume control of claims as outlined under Article IX.

2. A majority vote of the entire Board is required to amend the Bylaws provided

that any amendment is compatible with the purposes of the Authority, is not in conflict with the JPA Agreement and has been submitted to the Board at least thirty (30) days in advance.

3. A two-thirds vote of the entire Board is required to levy a cash assessment

for any pooled coverage program.

4. A three-fourths vote of the entire Board is required to remove an officer/non-officer of the Authority or a non-officer of the Executive Committee.

5. A three-fourths vote of the entire Board is required to expel any member

entity from the Authority.

The Board and the Executive Committee shall conduct their business in accordance with Roberts Rules of Order. An agenda of each Board or Executive Committee meeting shall be published and posted in the business office of the Authority in accordance with applicable state law. Official minutes of the Board and Executive Committee meetings shall be kept by the Authority in a minute book at its principal executive office and shall be distributed to the member entities as soon after the meetings as practicable.

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ARTICLE VI

DUTIES OF DIRECTORS AND OFFICERS The Board of Directors shall be responsible for governing the Authority either directly or by delegation to other bodies or persons unless prohibited by law or by the JPA Agreement, and shall exercise all those powers not specifically reserved to the member entities in the JPA Agreement. Each director shall have the authority to bind their member entity on all matters pertaining to the JPA Agreement, as provided in the JPA Agreement. Each director of a member entity shall be entitled to cast one vote in all matters requiring a vote, except in the case of an actual or potential conflict of interest. Each Member Entity shall be required to be represented, by a properly appointed Director/Alternate, at a minimum of 50% of all Board meetings held during the course of a program year. Failure to meet this minimum standard of attendance shall result in a 5% surcharge being added to the Member’s contribution calculation for the program year immediately following. The duties of the President shall be to preside at all meetings of the Board and the Executive Committee and to perform such other duties as the Board may specify. The duties of the Vice-President shall be to act as the President, in the absence of the President, and to perform such other duties as the Board may specify. The duties of the Treasurer shall be those specified in sections 6505.5 or 6505.6 of the California Government Code, to receive and safekeep all money coming into the treasury, to comply with all laws governing the deposit and investment of funds, and to approve the monthly financial report to the Board summarizing receipts, disbursements, and fund balances, along with a listing of all investments and other duties as specified by the Board. The duties of the General Manager/Secretary shall be to administer the operations of the Authority, to cause minutes to be kept as specified in the JPA Agreement, to maintain or cause to be maintained all accounting and other financial records of the Authority, to file all financial reports of the Authority and to perform such other duties as the Board may specify.


ARTICLE VII

BUDGET An annual budget shall be presented by the General Manager/Secretary to the Board no later than thirty (30) days prior to the beginning of each fiscal year and shall be adopted no later than July 31 of each year. At the discretion of the Board, a multi-year budget may be adopted, thereby eliminating the requirements of annual presentation and adoption during the term of such multi-year budget. The budget shall separately show the following:

a. a general and administrative section; b. a revenue section; and, c. sections for each pooled coverage program specifying:

1) the actuarially estimated claims and allocated claims adjustment

costs; 2) an equitable allocation of the general and administrative costs; 3) an equitable allocation of the revenue.


ARTICLE VIII

RECEIPT AND DISBURSEMENT OF FUNDS Revenues of the Authority shall be received at its principal executive office. The Treasurer, General Manager/Secretary or other designee of the Board shall safeguard and invest funds in accordance with the Authority's current Investment Policy. The President, Vice-President, Treasurer and General Manager/Secretary shall be authorized signatories of the Authority's checking account. All checks disbursing funds of the Authority shall be signed by the appropriate number of officers as established by action of the Board. A register of all checks, issued since the last Board or Executive Committee meeting, shall be provided at each subsequent Board or Executive Committee meeting for approval. The General Manager/Secretary shall be authorized to make all expenditures for goods or services without specific approval, to the extent such funds have been included and approved by adoption of the budget, or as subsequently approved by the Board. Authority to expend funds for goods or services, approved by the Board or provided for in the budget, may be granted by the Executive Committee. The Executive Committee shall be authorized to permit budget modifications in amounts up to $25,000 for expenditures in excess of previously budgeted or approved amounts.


ARTICLE IX

SETTLEMENT OF CLAIMS AllAll claims claims settlement recommendations shall be presented by the General Manager/Secretary, or his designee, to, and be approved by, the Board prior to final settlement, except that the Executive Committee shall have the authority to approve settlements in an amount not to exceed $750,000 of the Authority's funds. The General Manager shall have the authority to settle any claim up to $250,000. In accordance with the Memorandum of Coverage, the Authority may assume control of and defend or settle any claim determined to have a reasonable possibility of resulting in an ultimate net loss in excess of the member entity's retained limit. The procedure for assuming control of a claim shall be as follows:

1. The General Manager/Secretary may submit the issue of assuming control of

a claim directly to the Board of Directors, for decision, by presenting a written recommendation to that effect.

2. The General Manager and the covered party will have the right to submit

written materials and present oral arguments to the Board, subject to reasonable time constraints.

3. The Board may determine to assume control of a claim by a majority vote of

the entire Board.

4. The affected Board member (i.e. whose member entity is the defendant in the claim) shall be disqualified from the final discussion and vote on this issue.

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ARTICLE X

POOLED COVERAGE PROGRAMS

The Authority shall provide a pooled coverage program for Automobile/General Liability. The Authority may also provide pooled coverage programs such as workers’ compensation, property, and other risks as determined by the Board of Directors. All member entities must participate in the Automobile/General Liability program in order to maintain their membership in the Authority. The terms and conditions of each pooled coverage program, including participation commitment (if any), choices of retained limits, cash contributions, formulas and other relevant details shall be determined by the Board. Any pooled coverage program in effect on the effective date of these Bylaws shall be continued in the absence of specific action by the Board of Directors to the contrary. Automobile/General Liability Program The Automobile/General Liability Program of the Authority shall provide coverage in accordance with the terms of the current Memorandum of Coverage and with limits and retained limit options as determined by the Board of Directors. Coverage may be provided by a pooled coverage program and/or purchased coverage programs as determined by the Board of Directors and as described in the Automobile/General Liability Program Master Plan Document, attached hereto and incorporated herein by reference. Automobile/General Liability Cash Contributions The Automobile/General Liability Program shall be funded by the annual cash contributions of the participating member entities at a level which is actuarially determined to be sufficient to cover the predicted losses, loss adjustment expenses, defense costs, excess insurance premiums (if any), and a pro rata share of the general and administrative expenses of the Authority. Cash contributions shall be calculated by taking into consideration the following factors:

1. The workers’ compensation payroll of each member entity, as determined by each member entity's DE-93DP reports for the four quarters ending March 31 prior to the commencement of the next program year.

2. There will be a minimum reported payroll, amounting to a percentage of the

total workers’ compensation payroll for all member entities participating in the program, as specified in the Master Plan Document.


3. A 5% surcharge shall be added to the contribution calculation of any member

that failed to have a properly designated representative (Director/Alternate) attend at least 50% of the Board meetings held during the immediately preceding program year.

Funds on deposit for each pooled layer of each program year shall be accounted for separately. Borrowing between program years, collectively, to cover losses, will be permitted, provided that the California Joint Powers Risk Management Authority liability program, as a whole, is determined to be actuarially sound and the total outstanding borrowing does not exceed five million dollars ($5,000,000.00). The amount borrowed will be repaid either as a charge against future deposit premium refunds, as they become available, or by a supplemental assessment levied by the Board of Directors, if such supplemental assessment is determined to be necessary by the Board. Interest will be charged on the borrowed funds based on the average monthly interest rate earned by the Authority, as determined by the Treasurer. Cash contributions made to the Authority, and any investment income attributed to such funds, shall be held in trust by the Authority for the benefit of the member entities. After payment of all claims, claims expense and other expenses which are the obligation of a program year, any remaining assets shall be redistributed to the participating member entities in accordance with their pro rata share of contributions. For Program Years 2008-2009 and following, the Authority will establish an Excess Loss Fund that will be used to provide funds in the event losses, loss adjustment expenses, and defense costs expended for any program year exceed the amount of cash contributions (and any interest earnings thereon) for loss funding for that program year. Payments from the Excess Loss Fund will not be charged back to the program year nor will the payments result in any assessment against program year members, but will instead act as a form of “stop loss” for the loss fund for that program year.

The Excess Loss Fund shall be accounted for as a single fund applying to all program years for 2008-2009 and following. Members retain an equity interest in funds contributed to the Excess Loss Fund and will be credited with any interest income realized by the Excess Loss Fund in proportion to their pro rata share of total contributions to the fund at the time the investment income is earned. Should any Member Entity withdraw from the Authority, the Board will establish a plan for an orderly return of the withdrawing member’s equity over a period of time, so that the Excess Loss Fund remains actuarially sound. The withdrawing member’s equity interest in the Excess Loss Fund shall be calculated on the basis of its pro rata share of equity balance at the time of withdrawal, but this figure shall be subject to subsequent adjustment because of any payments for losses and expenses by


the Excess Loss Fund on account of occurrences taking place while the Member Entity participated, and the withdrawn member shall continue to be entitled to its pro rata share of interest earned on any balance it has remaining in the Excess Loss Fund. The Board shall be entitled to maintain reasonable reserves in the Excess Loss Fund, but after all program years during which the withdrawn member participated are closed out, the withdrawn member will be entitled to a return of any remaining equity it has in the Excess Loss Fund. A withdrawn member will be required to pay an assessment in the event its equity balance in the Excess Loss Fund becomes negative on account of losses paid from the Excess Loss Fund for occurrences taking place during the program years in which the withdrawn member participated. The cash contributions of each member entity may be modified by the application of credits or charges as determined by the Board of Directors and in accordance with applicable policies and procedures adopted by the Board. Cash contribution invoices are payable upon receipt and become in arrears thirty (30) days after the commencement of the program year. Interest and/or penalties for all such invoices in arrears shall be calculated in accordance with policies and procedures adopted by the Board. Workers' Compensation Program The Workers’ Compensation Program shall consist of the following:

a. The Authority may purchase a policy of commercial excess insurance providing coverage with limits to be determined by the Board of Directors.

b. The Authority may establish and maintain a pooled coverage program for

claims below the commercial excess insurance, at the discretion of the Board of Directors, in an amount determined by the Board.

c. Member entities desiring to become participants in this pooled coverage

program, after July 1, 1990, may do so with the concurrence of at least two-thirds of the entities participating therein.

d. Member entities may be expelled from this pooled coverage program by a

vote of three-fourths of the remaining participants.

e. If the Workers’ Compensation Program is in effect, terms and conditions shall be as described in the Workers' Compensation Program Master Plan Document, attached hereto and incorporated herein by reference.

Workers' Compensation Cash Contributions The cash contributions shall be sufficient to pay the commercial excess workers


compensation insurance premium, to fund the Authority's pooled coverage program (if any) and to pay a portion of the Authority's general and administrative expenses in an amount to be determined by the Board of Directors. The cash contributions shall be based upon each member entity's DE-93DP payroll for the four quarters ending March 31 prior to the commencement of the next program year. Cash contribution invoices are payable upon receipt and become in arrears thirty (30) days after the commencement of the program year. Interest and/or penalties for all such invoices in arrears shall be calculated in accordance with policies and procedures adopted by the Board. Property Program The Property Program shall consist of the following:

a. The Authority may purchase a policy of excess insurance with limits to be determined by the Board of Directors. The coverage of such policy shall be as stated in the excess policy and as negotiated with the excess carrier(s).

b. The Authority may establish a pooled coverage program for claims below the

commercial excess insurance, at the discretion of the Board of Directors, in an amount determined by the Board.

c. Member entities desiring to become participants in this pooled coverage

program, after July 1, 1990, may do so with the concurrence of at least two-thirds of the entities participating therein.

d. Member entities may be expelled from this pooled coverage program by a

vote of three-fourths of the remaining participants.

e. The terms and conditions of the Property Program shall be as described in the Property Program Master Plan Document attached hereto and incorporated herein by reference.

Property Program Cash Contributions The cash contributions shall be sufficient to pay the commercial excess property insurance premium, to fund the Authority's pooled coverage program (if any), and to pay a portion of the Authority's general and administrative expenses in an amount to be determined by the Board of Directors. The cash contribution shall be based upon each member entity's stated property values and may be adjusted by the Board to take into account special or unusual risks. Cash contribution invoices are payable upon receipt and become in arrears thirty (30) days


after the commencement of the program year. Interest and/or penalties for all such invoices in arrears shall be calculated in accordance with policies and procedures adopted by the Board.

ARTICLE XI

MEMORANDUM OF COVERAGE FOR THE AUTOMOBILE/GENERAL LIABILITY POOLED COVERAGE PROGRAM

The following provisions shall apply with regard to the Memorandum of Coverage for the Automobile/General Liability pooled coverage program:

a. No action shall lie against the Authority with respect to the coverages and related provisions defined in the Memorandum of Coverage (Memorandum) for the Automobile/General Liability pooled coverage program unless, as a condition precedent thereto, there shall have been full compliance with all of the terms of the Memorandum, nor until the amount of the covered party’s obligation to pay shall have been finally determined either by judgment against the covered party, after actual trial, or by written agreement of the covered party, the claimant and the Authority. Any person or organization, or the representative thereof, who has secured such judgment or written agreement, shall thereafter be entitled to recover under said Memorandum to the extent of the coverage afforded therein. No person or entity shall have any right under said Memorandum to join the Authority as a party to any action against the covered party to determine the covered party’s liability, nor shall the Authority be impleaded by the covered party or its legal representative. Bankruptcy or insolvency of the covered party or of the covered party’s estate shall not relieve the Authority of any of its obligations under said Memorandum.

b. The Authority shall be subrogated, to the extent of any payment hereunder,

to all the covered party’s rights of recovery, and the covered party shall do nothing after loss to prejudice such rights and shall do everything necessary to secure such rights. Any amount so recovered shall be apportioned as follows:

1. 1. The Authority shall be reimbursed first to the extent of its actual

payments. If any balance remains unpaid, it shall be applied to reimburse the covered party.

2. The expenses of all such recovery proceedings shall be apportioned in

the ratio of the respective recoveries. If there is no recovery in proceedings conducted by the Authority, it shall bear the expenses thereof.

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3. The Authority shall not be liable to any Covered Party for reimbursement

of ultimate net loss covered under the Memorandum of Coverage unless the Covered Party has timely reported the claim and submitted, no later than two years after final judgment or settlement of the claim, a request for reimbursement, itemizing the amount sought and providing any necessary supporting details. This paragraph shall operate as a limitations period on any claims for reimbursement of covered ultimate net loss, and operates in addition to the requirements set forth above of full compliance with all other terms of the Memorandum of Coverage.

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ARTICLE XII

ASSESSMENTS Upon a two-thirds vote of the entire Board, the Board shall have the authority to levy a cash assessment for any pooled coverage program. There must be a finding by the Board that there are insufficient funds available to the Authority to meet its legal obligations. A cash assessment shall be directed only to those member entities or former member entities which participated in the pooled coverage program during the program year in which the covered loss, causing the assessment, was incurred. Any costs, including attorney fees incurred by the Authority in collecting any cash assessment, shall be reimbursed in full by the member entity against which such collection action has been taken.


ARTICLE XIII

NEW MEMBERS The Board has established the following criteria for considering new members:

1. Pool Membership

Applicants accepted for membership after April 28, 1992, must participate in at least Pool Layers C and D of the Automobile/General Liability pooled coverage program.

2. Coverage

JPAs accepted for membership after April 28, 1992, may not add new members for CJPRMA coverage purposes, for a period of three years following their admission to the new JPA member, without the specific approval of two-thirds of the CJPRMA Board of Directors.

3. Application Process

Any applicant desiring to be considered for membership by CJPRMA must adhere to the following procedure:

a. Complete a CJPRMA application form which may include, but not be

limited to, the following information:

1) underwriting data for the current year; 2) payrolls for the prior five years; 3) loss history for the prior five years, 4) a copy of the most recent claims audit and actuarial reports; 5) a copy of the most recent audited Financial Statements; 6) an indication as to the pooled coverage programs in which the

prospective member wishes to participate and the anticipated retained limit for such programs; and

7) descriptions of its risk management programs.

b. Provide an actuarial study in a framework that is acceptable to

CJPRMA.


c. Provide a current accreditation or independent consultant’s report

from an organization that is acceptable to CJPRMA.

d. Submit to a staff analysis of their qualifications for membership and provide whatever documentation is required.

e. Comply with any other requests or considerations made by the Board

of Directors.

Additionally, applicants may, at their option, request a non-binding vote regarding their membership application. Subsequent to that vote, it shall be the applicant’s decision as to whether or not they wish to continue with the application process.

Upon review of a prospective member entity's application, and after necessary site visits by staff, a report, containing a staff recommendation, will be presented to the Board of Directors. The prospective member entity will be invited to attend a meeting of the Board of Directors to respond to questions concerning the application. The affirmative vote of two-thirds of the members of the entire Board is necessary for admission to the Authority.


ARTICLE XIV

TERMINATION AND DISTRIBUTION Upon termination of the Authority, in accordance with Article XXIV of the JPA Agreement, the Authority shall take all necessary actions to properly dispose of all claims and other liabilities of the Authority. When all obligations have been satisfied, all remaining assets of the Authority shall be distributed as follows: Cash Contributions: All remaining cash contributions shall be distributed among only the parties which have been participants in its pooled coverage program, including any of those parties which previously withdrew, or were expelled, pursuant to Articles XXI and XXII of the JPA Agreement and in accordance with the terms and conditions of the Bylaws. Each qualifying participant's share shall be determined on the same basis as the redistributions for each Automobile/General Liability program year. Real and Personal Property (other than cash contributions): All real and personal property shall be liquidated. Each member entity of the Authority, at the time of the Authority's termination, and each expelled or withdrawn member entity, which participated in the Automobile/General Liability program within the five years immediately preceding the termination, shall qualify to receive a portion of the Authority's liquidated assets. The cash from the liquidated assets will be distributed in the same manner as the cash contributions. The Board shall determine and make such distribution within six months after the last pending claim or covered loss, subject to the JPA Agreement, has been finally resolved.


ARTICLE XV

AMENDMENTS These Bylaws may be amended by a majority vote of the entire Board provided that any amendment is compatible with the purposes of the Authority, is not in conflict with the JPA Agreement, and has been submitted to the Board at least thirty (30) days in advance. Any such amendment shall be effective immediately, unless otherwise designated.


APPENDIX A

PRINCIPAL EXECUTIVE OFFICE

The principal address of the California Joint Powers Risk Management Authority for the transaction of business and receipt of all notices shall be: 3201 Doolan Road, Suite 285 Livermore, CA 94551

Back to Agenda


AGENDA BILL

ITEM: 14 TITLE: CLAIMS EXPERIENCE REPORT

MEETING: 05/22 & 23/2019

GENERAL MANAGER:

Recommended Actions: None. This item is being provided for information purposes only.

Strategic Direction: This item addresses Strategic Goal 1, Core Products and Services Innovation and Strategic Goal 2, Member Education and Training Initiative. Item Explanation: Claims Administrator, Marinda Griese, will present an “overview of claims” to the Board of Directors. This report will be a review of all claims that have been reported to CJPRMA beginning with program year 2005-2006 through 2017-2018. The date range is consistent with the current methodology being utilized by our actuary for developing our program year contributions. The report is intended to be a high level overview of all claims. It will include description of claims frequency, severity and development history. The report also assists staff in the development of risk management training programs and a basis for establishing baseline criteria to be included in risk management audit standards.

Ms. Griese will be present to discuss the report with the Board of Directors.

Fiscal Impact: None Exhibits:

1. A copy of the report will be provided at the meeting

Back to Agenda


AGENDA BILL

ITEM: 15 TITLE: NEW BOARD DIRECTORS/ ALTERNATES

MEETING: 05/22 & 23/2019

GENERAL MANAGER:


None. This item is being provided for information purposes only.



Item Explanation:

Notifications regarding a change in director/alternate designations that have been received as of the last meeting are indicated herein:

1) YCPARMIA Director Armond Sarkis – CEO/Risk Manager

2) San Rafael Director Shibani Nag – Director of Employee Experience and Culture

3) San Rafael Alternate Sylvia Gonzalez-Shelton – Human Resources Coordinator

Fiscal Impact:

None Exhibits:

1. Letter – YCPARMIA Director 4-10-19 2. Letter – San Rafael Director and Alternate 5-3-19

Back to Agenda



AGENDA BILL

ITEM: 16 TITLE: BUSINESS CALENDAR FOR 2019 AND 2020

MEETING: 05/22 & 23/2019

GENERAL MANAGER:

Recommended Actions: None: This item is being provided for information only.

Strategic Direction: Strategic Goal 3, Foster Informed and Engaged Board Leadership. Item Explanation: The CJPRMA Business Calendar will be provided as a standing agenda item for Executive Committee meetings and Board of Director Meetings. This calendar provides Board Members and staff with a listing of key business items and the required dates for completion.

Fiscal Impact:

None Exhibits:

1. CJPRMA 2019 Business Calendar 2. CJPRMA 2020 Proposed Business Calendar

WPData> Listings> Calendars> 2019 Revised 05/2019


2019 BUSINESS CALENDAR January

• Distribution of Executive Committee Agenda – 01/10/2019 • Executive Committee Meeting – 01/17/2019 • Member Quarterly Payroll Reports – 01/31/2019 • Distribution of Summary of Property Values • Distribution of Summary of APD Values • Distribution of Property and Loss Data – 01/31/2019

February

• FPPC Form 700 Filing Requests Sent Out • PARMA Conference - 02/10/2019 to 02/13/2019 Disneyland Hotel, Anaheim, CA • Return APD, Property and Boiler & Machinery Renewals Lists to Staff

March

• Deadline for Members to submit Agenda items for March Meeting – 03/11/2019 • Distribution of Board of Directors Meeting Agenda – 03/14/2019 • Board of Directors Meeting – 03/21/2019 • Distribution of Quarterly Member Loss Data • Bi-annual Review of Conflict of Interest Code • Training ARM 55 – 03/26 to 28/2019 CJPRMA

April

• FPPC Form 700 Filing Deadline – 04/01/2019 • Annual Meeting Room Requests • Distribution of Executive Committee Meeting Agenda – 04/11/2019 • Executive Committee Meeting – 04/18/2019 Redding • Distribution of Certificate of Coverage Renewals Lists • Requests for Nominations for President/Vice President (Bi-annually) • Distribute nomination for President and Vice President (even numbered years) • Member Quarterly Payroll Reports – 04/26/2019

May

• Deadline for Members to submit Agenda items for Annual Meeting – 05/09/2019 • Distribution of Board of Directors Annual Meeting Agenda – 05/15/2019 • Board of Directors Annual Meeting - 05/22 & 23/2019 CJPRMA

o Commercial Insurance Renewals o Proposed Budget for 2019-2020 o Claims Audit Presentation o Approval of Meeting, Business and Holiday Calendars

• Return Certificate of Coverage Renewals Lists to Staff


June • Distribution of Executive Committee Meeting Agenda – 06/13/2019 • Executive Committee Meeting – 06/20/2019 • Requests for Nominations for President/Vice President (Bi-annually) • Certificates of Coverage Renewals mailed to certificate holders - 6/28/2019 • Risk Management Plan Revisions • Distribution of Quarterly Member Loss Data • Training – EPL, “12 Steps to Avoiding Liability & Nuts & Bolts Navigating Common Legal Risks for the Front End

Supervisor” by Liebert Cassidy Whitmore - 06/06/2019 Rocklin, CA & 06/13/2019 CJPRMA July

• General Liability Premiums Billed • Auto Physical Damage Program Premiums Billed • Property Program Premiums Billed • CJPRMA University (Board Member Orientation) - TBD • Member Quarterly Payroll Reports - 07/31/2019

August

• Deadline for Members to submit Agenda items for August Meeting – 08/05/2019 • Distribution of Board of Directors Meeting Agenda – 08/08/2019 • Board of Directors Meeting – 08/15/2019 • Bi-annual election of President and Vice President (even numbered years) • Election of Executive Committee Members • Bi-annual Appointment of Treasurer (even numbered years) • Financial Audit in process • Annual Review of Investment Policy • Actuarial Study in process • Requests for Program Year 2018-2019 reimbursement of liability training expenses due – 08/31/2019

September

• Distribution of Executive Committee Agenda – 09/13/2019 • Executive Committee Meeting – 09/19/2019 CJPRMA • CAJPA Conference - 09/10/2019 to 09/13/2019 Harrah’s and Harvey’s South Lake Tahoe, CA • Distribution of Quarterly Member Loss Data

October

• Strategic Planning Session – 10/22 & 23/2019 CJPRMA • Member Quarterly Payroll Reports – 10/31/2019

November

• Deadline for Members to submit Agenda items for November Meeting – 11/11/2019 • Distribution of Board of Directors Meeting Agenda – 11/14/2019 • Board of Directors Meeting - 11/21/2019

o Actuarial Study Presented o Financial Audit Presented o Annual Report Presented

December

• Deadline for change to SIR or withdrawal from any CJPRMA program - 12/27/2019 • Distribution of Quarterly Member Loss Data



Proposed - 2020 BUSINESS CALENDAR January

• Distribution of Executive Committee Agenda – 01/09/2020 • Executive Committee Meeting – 01/16/2020 • Member Quarterly Payroll Reports – 01/31/2020 • Distribution of Summary of Property Values • Distribution of Summary of APD Values • Distribution of Property and Loss Data – 01/31/2020

February

• FPPC Form 700 Filing Requests Sent Out • PARMA Conference - 02/25/2020 to 02/28/2020 Monterey Conference Center, Monterey, CA • Return APD, Property and Boiler & Machinery Renewals Lists to Staff

March

• Deadline for Members to submit Agenda items for March Meeting – 03/9/2020 • Distribution of Board of Directors Meeting Agenda – 03/13/2020 • Board of Directors Meeting – 03/19/2020 • Distribution of Quarterly Member Loss Data • Bi-annual Review of Conflict of Interest Code • Training – TBD

April

• FPPC Form 700 Filing Deadline – 04/01/2020 • Annual Meeting Room Requests • Distribution of Executive Committee Meeting Agenda – 04/10/2020 • Executive Committee Meeting – 04/16/2020 • Distribution of Certificate of Coverage Renewals Lists • Requests for Nominations for President/Vice President (Bi-annually) • Distribute nomination for President and Vice President (even numbered years) • Member Quarterly Payroll Reports – 04/30/2020

May

• Deadline for Members to submit Agenda items for Annual Meeting – 05/11/2020 • Distribution of Board of Directors Annual Meeting Agenda – 05/14/2020 • Board of Directors Annual Meeting - 05/22 & 23/2019 CJPRMA

o Commercial Insurance Renewals o Proposed Budget for 2021-2022 o Claims Audit Presentation o Approval of Meeting, Business and Holiday Calendars

• Return Certificate of Coverage Renewals Lists to Staff


June • Distribution of Executive Committee Meeting Agenda – 06/11/2020 • Executive Committee Meeting – 06/18/2020 • Requests for Nominations for President/Vice President (Bi-annually) • Certificates of Coverage Renewals mailed to certificate holders - 6/30/2020 • Risk Management Plan Revisions • Distribution of Quarterly Member Loss Data • Training - TBD

July

• General Liability Premiums Billed • Auto Physical Damage Program Premiums Billed • Property Program Premiums Billed • CJPRMA University - TBA • Member Quarterly Payroll Reports - 07/31/2020

August

• Deadline for Members to submit Agenda items for August Meeting – 08/10/2020 • Distribution of Board of Directors Meeting Agenda – 08/14/2020 • Board of Directors Meeting – 08/20/2020 • Bi-annual election of President and Vice President (even numbered years) • Election of Executive Committee Members • Bi-annual Appointment of Treasurer (even numbered years) • Financial Audit in process • Annual Review of Investment Policy • Actuarial Study in process • Requests for Program Year 2019-2020 reimbursement of liability training expenses due – 08/31/2020

September

• Distribution of Executive Committee Agenda – 09/11/2020 • Executive Committee Meeting – 09/17/2020 CJPRMA • CAJPA Conference - TBA • Distribution of Quarterly Member Loss Data

October

• Member Quarterly Payroll Reports – 10/30/2020 November

• Deadline for Members to submit Agenda items for November Meeting – 11/06/2019 • Distribution of Board of Directors Meeting Agenda – 11/12/2020 • Board of Directors Meeting - 11/19/2020

o Actuarial Study Presented o Financial Audit Presented o Annual Report Presented

December

• Deadline for change to SIR or withdrawal from any CJPRMA program - 12/28/2020 • Distribution of Quarterly Member Loss Data

Back to Agenda


AGENDA BILL

ITEM: 17 TITLE: APPROVAL OF MEETING SCHEDULE FOR 2020

MEETING: 05/22 & 23/2019

GENERAL MANAGER:

Recommended Actions: Approval of the proposed meeting schedule for the 2020 calendar year. Strategic Direction: This item addresses Strategic Goal 3, Foster Informed and Engaged Board Leadership. Item Explanation: Attached is an exhibit of the proposed meeting schedule for 2020. Staff recommends approval of the proposed meeting schedule for 2020.

Fiscal Impact:

None Exhibits:

1. Proposed meeting schedule for 2020

G: WPData> Listings> Calendars> 2020

BOD Approved 05/xx/2019


Proposed - 2020 MEETING SCHEDULE

Executive Committee ................................................................ Thursday, January 16, 2020

Board of Directors ....................................................................... Thursday, March 19, 2020

Executive Committee ..................................................................... Thursday, April 16, 2020

Board of Directors ............................................................... Wednesday, Thursday & Friday (Annual Membership Meeting) May 20, 21 & 22, 2020

Executive Committee ..................................................................... Thursday, June 18, 2020

Board of Directors ...................................................................... Thursday, August 20, 2020

Executive Committee ........................................................... Thursday, September 17, 2020

Board of Directors ................................................................. Thursday, November 19, 2020

No meetings are scheduled for February, July, October, and December.

Back to Agenda


AGENDA BILL

ITEM: 18 TITLE: APPROVAL OF HOLIDAY SCHEDULE FOR 2020

MEETING: 05/22 & 23/2019

GENERAL MANAGER:


Approval of the holiday schedule for the 2020 calendar year.



Item Explanation:

Attached is an exhibit of the holiday schedule for 2020. Staff recommends approval of the 2020 holiday schedule.

Fiscal Impact:

None Exhibits:

1. Proposed Holiday schedule for 2020

G: WPData> Listings> Calendars> 2020

BOD Approved 05/XX/2019

CALIFORNIA JOINT POWERS RISK

MANAGEMENT AUTHORITY

Proposed - 2020 HOLIDAY SCHEDULE

New Year Holidays… ............................................................... Wednesday, January 1, 2020

Martin Luther King, Jr. Day ......................................................... Monday, January 20, 2020

Presidents’ Day ......................................................................... Monday, February 17, 2020

Memorial Day .................................................................................. Monday, May 25, 2020

Independence Day ............................................................... (observed) Friday, July 3, 2020

Labor Day ................................................................................ Monday, September 7, 2020

Veterans’ Day .................................................................... Wednesday, November 11, 2020

Thanksgiving Holidays .................................... Thursday & Friday, November 26 & 27, 2020

Christmas Holidays ........................................ Thursday & Friday, December 24 & 25, 2020

New Year Holidays ...................... Thursday, December 31, 2020 & Friday, January 1, 2021

Back to Agenda



AGENDA BILL

ITEM: 19 TITLE: RISK MANAGEMENT ISSUES

MEETING: 05/22 & 23/2019

GENERAL MANAGER:


None. This item is being provided for information only.


Strategic Goal 3, Foster Informed and Engaged Board Leadership. Item Explanation:

This item is reserved for the discussion of risk management issues that are of concern to the members and for the provision of status updates on the risk management program.

1) 6th Circuit and the tire chalking case – Amy Northam, REMIF 2) Smart Cover Systems – Scott Mann, Sunnyvale

Fiscal Impact

None.

Exhibits:

1. To be handed out at the meeting. 2. Smart Cover Systems

2

1

43

5 6

Easy deployment. Units are mobile. Can re-deploy smart cover monitoring units

to other problem areas in the city.Initial Capital Outlay

6 Units x $5,000 = $30,0006 x $1 x 365 = $2,190($1.00 per day per unit Monitoring fee)

Year 1 TCO = $ 32,190Year 2 – 10 TCO = $ 19,710($2,190 annual monitoring cost)

10-Year TCO of 6 Smart Covers = $ 51,900

ESD is purchasing another 10 smart covers effective July 1, 2019 for Sewer & Storm Covers

10-Year TCO of 16 Smart Covers = $85,840

Technology

Unit transmits data every 10 minutes to a satellite.

Displays on desk top computer at Treatment Plant.

System is linked to real-time NOAA weather events and displays ‘blue dots’ on a map where smart covers are deployed.

Treatment Plant knows when cover is disturbed / removed.

10-Year Battery Shelf LifeSystems has low battery alarm

Sample Monitoring Report

Sewer Claims7/1/1999 to 3/31/2019

195 Total Sewer Claims Average of 10 Claims Per Year$ 1,747,015.08 Total Sewer Losses Average Yearly Loss $87,350.75

10 Claims Above $10,000 Total Losses $1,572,752.21Average High Value Loss $157,275.22 Per ClaimHighest 20 Year Loss $498,260.59 (Claim Still Open)

185 Claims Below $10,000 Total Losses $174,262.87Average Low Value Loss $ 941.96 Per ClaimsLowest 20 Year Loss $ 252.00

Losses Since Smart Covers Installed $ 2,409.00In November 2018

TCO v. Losses

10-Year TCO for Purchase / Monitoring of $ 85,840of 16 Smart Covers

20-Year Sewer Losses Total $ 1,747,015(Figure does not include staff labor or materials)

Potential Liability Cost Avoidance Savings $$ SUBSTANTIAL $$(Plus fines & citations from regulators and staff labor & material to repair)

Other Agencies Using Technology

Sunnyvale, CA Carpinteria, CANewburgh, NY El Segundo, CAEscondido, CA Hawthorne, CAOceanside, CA San Antonio, TXKlamath Falls, OR Rohnert Park, CACamp Pendleton Marine Corps Base (San Diego County)(Not a complete list. See company website.)

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